Taxable income is
A. Adjusted Gross Income - Exemptions.
B. Adjusted Gross Income - Exemptions - Deductions - Credits.
C. Adjusted Gross Income - Exemptions - Deductions.
D. Adjusted Gross Income - Exemptions - Deductions - Credits - Taxes Withheld.
Answer: C
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If a producer can sell each and every unit he can possibly produce for $10 each, then
A) he is a price taker. B) the demand for his product is infinitely elastic. C) his marginal revenue curve is a horizontal line at $10. D) all of the above are true.
Given the currencies below, which was not replaced by the Euro?
A) German mark B) Irish pound C) British pound D) French franc
Monopolistic competition and perfect competition differ because
A) only monopolistically competitive firms will set MR = MC. B) only perfectly competitive firms will set MR = MC. C) only monopolistic competition allows for entry of other firms in the long run. D) only competitive firms take the price as given.
Why does the price level in a perfectly competitive market move toward the zero-profit point?
a. Because firms enter and exit the market in response to gains and losses b. Because short-run losses reverse the effects of long-run gains c. Because profitable firms increase short-run productivity d. Because firms operate below the average cost curve