-Based on the Table Above Which Shows Chip's Costs, If

question 35

Multiple Choice

-Based on the table above which shows Chip's costs, if Chip shuts down in the short run, his total cost will be

• A) $0.
• B) $1,000.
• C) $1,200.
• D) $4,000.

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Definitions:

Federal Revenue

The total income received by the government from taxes and other sources.

Corporate Income Tax

A tax on the profits of corporations, calculated based on the net income companies report.

Payroll Tax

Levies placed on either employees or employers, often determined as a percentage of the wages that staff receive from employers.

Payroll Taxes

Taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their staff.