A progressive income tax system can be defined as one in which
a. the government uses taxes paid by the wealthy to fund programs for the poor.
b. an individual pays more dollars in taxes when his income rises.
c. the marginal tax rate rises over time.
d. the average tax rate is higher for individuals with higher incomes.
d
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Max Shreck, an accountant, quit his $80,000-a-year job and bought an existing tattoo parlor from its previous owner, Sylvia Sidney. The lease has five years remaining and requires a monthly payment of $4,000
Max's explicit cost amounts to $3,000 per month more than his revenue. Should Max continue operating his business? A) If Max's marginal revenue is greater than or equal to his marginal cost, then he should stay in business. B) Max should continue to run the tattoo parlor until his lease runs out. C) Max's explicit cost exceeds his total revenue. He should shut down his tattoo parlor. D) This cannot be determined without information on his revenue.
A firm's labor demand curve is derived from the supply of the goods and services it produces
a. True b. False