Use the Following to Answer Question

question 98

Multiple Choice

Use the following to answer question:
Figure 4.11
-(Figure 4.11) The indifference curve _____ indicates that the two goods, X and Y, are relatively poor substitutes for one another, whereas the indifference curve _____ indicates that the two goods are close substitutes for one another.

• A) U₁; U₃
• B) U₃; U₂
• C) U₂; U₁
• D) U₃; U₁

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Definitions:

Medicare Taxes

Taxes withheld from pay or paid on profits that contribute to the Medicare program, providing health insurance for individuals over 65.

Self-Employment Tax

A social security and Medicare tax primarily for individuals who work for themselves.

Tax Liability

The total amount of tax that an individual or entity is legally obligated to pay to a tax authority.

Semiweekly Schedule Depositor

A tax deposit schedule required for employers who accumulate a certain amount of tax liability within a specific timeframe, mandating deposits to be made semi-weekly.