Examlex
What is the situation called when quantity supplied exceeds quantity demanded?
Average Tax Rate
The ratio of the total amount of taxes paid to the total tax base (taxable income or spending), often expressed as a percentage.
Total Income
The sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings received by individuals or entities within a specified period.
Average Tax Rate
The proportion of total income that is paid in taxes, calculated by dividing the total amount of taxes paid by the taxpayer's total income.
Marginal Tax Rate
The rate at which the last dollar of income is taxed, indicating how much tax will be paid on an additional dollar of income.
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