Table 12-5 
-Refer to Table 12-5. What is the average tax rate for a person who makes $120,000?
Definitions:
Equilibrium Price
The price at which the quantity of a good supplied equals the quantity of the good demanded.
Equilibrium Quantity
The quantity of goods supplied is equal to the quantity of goods demanded at the market price.
Demand Shifts
Changes in the demand curve due to factors other than the price of the good, such as changes in income, tastes, or prices of related goods.
Quantity Demanded
The total amount of a good that consumers are willing and able to purchase at a specific price in a given period.
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