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Consider the equilibrium A +B ⇄ C.What is significant about the equilibrium state in which [B] = [C]?
National Debt
The total amount of money that a country's government has borrowed, typically as a result of budget deficits, and is yet to repay.
Progressive
Referring to a tax system in which the tax rate increases as the taxable amount increases, often aimed at reducing income inequality.
Governs Least
A principle often associated with libertarianism, suggesting that the best government is one that governs the least, emphasizing minimal state intervention in personal and economic matters.
Marginal Tax Rate
The rate at which the last dollar of income is taxed, reflecting the percentage of additional income that is taken as tax.
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