Examlex
Business people speak about cross elasticity of demand without using the actual term. Which one of the following statements reflects cross elasticity of demand?
Marginal Tax Rate
The marginal tax rate is the percentage of tax applied to your income for each tax bracket in which you qualify, essentially the rate paid on the last dollar of income.
Average Tax Rate
The proportion of total income that is paid in taxes, calculated by dividing the total taxes paid by the total taxable income.
Marginal Tax Rate
The rate at which the last dollar of income is taxed, indicating the percentage of additional income that will be taxed.
Marginal Tax Rate
The rate at which the next dollar of taxable income will be taxed.
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