If Supply Is Upward Sloping,a Decrease in Demand with No

question 226

Multiple Choice

If supply is upward sloping,a decrease in demand with no change in supply will lead to a(n) _____ in equilibrium quantity and a(n) _____ in equilibrium price.

• A)increase;increase
• B)increase;decrease
• C)decrease;increase
• D)decrease;decrease

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Definitions:

Marginal Tax Rate

The rate at which the last dollar of a taxpayer's income is taxed, illustrating the impact of the next dollar of earned income on their tax liability.

Average Tax Rate

The ratio of the total amount of taxes paid to the total taxable income, showing the percentage of income that goes to taxes.

Taxable Income

The portion of an individual's or a corporation's income that is subject to taxes by governmental authorities.

Average Tax Rate

A calculation of the proportion of total income that an individual or business pays in taxes, showcasing the fraction of gross income spent on taxes.