When an income tax has a progressive rate structure, _____
a. average tax rates are higher than marginal tax rates
b. marginal tax rates are higher than average tax rates
c. marginal tax rates are constant across all income ranges
d. average and marginal tax rates are equal across all income ranges
b
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For about the last 45 years, state and local taxes have remained relatively constant as a percentage of GDP
a. True b. False Indicate whether the statement is true or false
Bilateral monopoly occurs where:
A. a monopsonistic employer bargains with an inclusive union. B. a monopsonistic employer bargains with an exclusive union. C. a craft union bargains with a purely competitive employer. D. an industrial union bargains with a purely competitive employer.
Recall the Application about craft beer and the increase in the price of hops to answer the following question(s).According to this Application, between 2012 and 2017, the increase in craft beer production increased the price of hops:
A. by about 118 percent. B. by about 87 percent. C. by about 18 percent. D. by about 78 percent
If a profit-maximizing firm finds that, at its current level of production, MR > MC, it will
A) earn greater profits than if MR = MC. B) increase output. C) decrease output. D) shut down.