A progressive tax is defined as a tax for which the
a. average tax rate rises as income increases.
b. average tax rate falls as income increases.
c. average tax rate remains constant at all levels of income.
d. dollar tax liability of those with higher income is more than the dollar tax liability of those with lower income.
A
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Melissa has an income of $240 a month to spend on tennis lessons and concert tickets. The price of a tennis lesson is $20, and the price of a concert ticket is $40
If the quantity of tennis lessons is QT, and the quantity of concert tickets is QC, Melissa's budget line equation is A) QC = 6 - 0.5QT. B) QC = 12 - 2QT. C) QC = 240 - 40QT. D) QC = 20 + 40QT.
If a cartel seeks to maximize profits, the market share (or quota) for each firm should be set at a level such that the ____ of all firms is identical
a. average total cost b. average profit c. marginal profit d. marginal cost e. marginal revenue