Derek, Age 46, Is a Surviving Spouse

question 69

True/False

Derek, age 46, is a surviving spouse. If he has itemized deductions of $12,900 for 2017, Derek should not claim the standard deduction.

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Definitions:

Perfectly Competitive Firm

A company that operates in a market where buyers and sellers are so numerous and well informed that all elements of monopoly are absent, and the market price of goods is beyond the control of individual buyers and sellers.

Social Loss

Social loss is the total loss to society due to factors like inefficient resource allocation or externalities, which includes both private and external costs.

Cognitive Explanation

An approach that seeks to understand human behavior by exploring internal mental processes such as perception, memory, thought, and problem-solving.

Reinforcement Theory

A principle of behavior that emphasizes the role of reinforcement in conditioning behavior.