A person who is in a 31 percent marginal tax bracket and has a total taxable income of $100,000 will owe $31,000 in taxes
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following will cause the average cost curve of making cigarettes to shift?
A) a $5 million penalty charged to each cigarette maker B) a $1 per pack tax on cigarettes C) a $1 an hour wage increase paid to all cigarette production workers D) All of the above
Suppose you notice that when a particular firm raised the price of its product, its total revenue also increased. What does this imply about the price elasticity of demand for this firm’s product and wha factors may be influencing the elasticity?
When fixed costs are ignored because they are irrelevant to a business's production decision, they are called
a. explicit costs. b. implicit costs. c. sunk costs. d. opportunity costs.
Suppose firms in a collusive oligopoly decide to establish their prices at a level that discourages new rivals from entering the industry. This is called:
A. mutual interdependence. B. pricing the demand curve. C. limit pricing. D. price leadership.