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For each of the indicated tax penalties, indicate the appropriate taxpayer defense. A letter may be used more than once. Not all of the letters need be used.
-Failure to deposit withholding tax.
Competitive Labor Market
A market where there are many employers and job seekers, leading to wages being determined by supply and demand.
Average Expenditure
The total amount spent divided by the quantity bought, often used in consumer studies to analyze buying habits.
Monopsony Power
Buyer’s ability to affect the price of a good.
Marginal Expenditure
The additional cost incurred from purchasing one more unit of a good or service.
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