As a Tax Rate Grows Larger and Larger,eventually

question 125

Multiple Choice

As a tax rate grows larger and larger,eventually

• A) supply can outweigh demand.
• B) willingness to pay can outweigh deadweight loss.
• C) demand can outweigh supply.
• D) deadweight loss can outweigh tax revenue.
• E) tax revenue can outweigh willingness to sell.

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Definitions:

Contract Law

The branch of law that deals with agreements between parties, their rights, and obligations.

Tort Law

A branch of civil law dealing with situations where someone's wrongful conduct causes harm to another person, entitling the injured person to compensation.

Public Policy

Policy principles and practices considered to be in the interests of the public or the community at large.

Fair Labor Standards Act

U.S. law that establishes minimum wage, overtime pay eligibility, recordkeeping, and child labor standards affecting full-time and part-time workers in the private sector and in federal, state, and local governments.