The income elasticity of demand is the percentage change in ________ divided by the percentage change in ________

Accounting profit is total revenue minus total cost, including both explicit and implicit costs

Indicate whether the statement is true or false

An income tax is progressive if the:

A. absolute amount paid as taxes varies directly with income. B. percentage of income paid as taxes is the same regardless of the size of income. C. percentage of income paid as taxes increases as income increases. D. tax rate varies inversely with income.