Assume that in year 1 your average tax rate is 20 percent on a taxable income of $20,000. If the marginal tax rate on the next $10,000 of taxable income is 30 percent, what will be the average tax rate if your taxable income rises to $30,000?

Product differentiation makes the demand for a monopolistically competitive firm's product:

a. perfectly elastic. b. more elastic than for a monopoly. c. more inelastic than for a monopoly. d. perfectly inelastic.

States in the U.S. may mandate minimum wages above the federal level

a. True b. False Indicate whether the statement is true or false