The Barriers to Entry Existing in Many Industries and the Need

question 86

True/False

The barriers to entry existing in many industries and the need for increasing size to achieve efficiency may have led to profits lower than normal under perfect competition.

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Definitions:

Form 1040EZ

A simplified federal income tax form for individuals with uncomplicated tax situations, no longer in use after 2018, replaced by the redesigned Form 1040.

Form 1040

The customary Internal Revenue Service (IRS) document utilized by individuals for the purpose of filing their annual earnings tax returns.

Tax Rate Structure

The dividing of taxable income into sections (brackets), each of which is taxed at a different rate.

Progressive

A term used to describe a tax system where the tax rate increases as the taxable income increases.