A Lorenz curve is given by y =L(x), where 0sxs1 represents the lowest fraction of the population of a society in terms of wealth and 0sys1 represents the fraction of the total wealth that is owned by that fraction of the society. Use this information to complete parts a through g. W Click the icon to view an example of a Lorenz curve. a. A Lorenz curve y = L(x) is accompanied by the line y = x, called the line of perfect equality. Explain why this line is given this name. Choose the correct answer below. O A. The lowest 50% of households own 100% of the wealth. O B. The lowest p% of households owns exactly (1- p)% of the wealth for 0sps 100. Example of Lorenze Curve OC. The lowest p% of households owns exactly p% of the wealth for 0sps 100. O D. The lowest 50% of households own 60% of the wealth. Line of perfect equality 08 of houscholds control 0.6 of the wealth Lorenz curve, y- L) 0.5 of households control 0.2 of the wealth 02+ +++ ++++ Fraction of housebolds

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