The ____ is the fraction of each additional dollar of income that is paid in taxes
a. deferred tax rate
b. cumulative tax rate
c. average tax rate
d. marginal tax rate
d
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Explain why average total costs initially decrease and then increase as output increases
What will be an ideal response?
The budget deficit refers to how much has been borrowed:
a. in one particular year. b. over time. c. against Social Security. d. to pay interest on loans.
If a 1 percent increase in the price of DVD players leads to a 3 percent reduction in the number of DVD players sold, we can conclude that
A. the demand for DVD players is relatively inelastic. B. the demand for DVD players is relatively elastic. C. DVD players are inferior goods. D. the supply of DVD players is perfectly inelastic.
Explain why the long-run total cost curve, not the short-run total cost curve, shows the lowest cost of producing any level of output. Is there an exception?
What will be an ideal response?