If personal income up to and including $25,000 is not taxed, income of $25,001 to $50,000 is taxed at 10%, and income over $50,000 is taxed at 20%, then a family earning an income of $75,000 will pay an AVERAGE tax rate of:

The difference between the minimum price the producer is willing to accept and the price the producer actually receives for a product is referred to as: a. market surplus

b. market shortage. c. consumer surplus. d. producer surplus.

Jim is haggling with a car dealer, along with another customer, over the sale price of a used car. When he entered the store, the storekeeper was already haggling with the other customer. As Jim makes an offer on the car, the other customer leaves the store, and the storekeeper accepts Jim's offer. This is because

a. The storekeeper's disagreement value decreased b. The storekeeper's disagreement value increased c. The storekeeper's disagreement value did not change d. None of the above