-The Above Figure Shows the U

question 70

Multiple Choice

-The above figure shows the U.S.market for flip-flops.With no international trade,the price in the United States for flip-flops is ________.With international trade,the price in the United States for flip-flops is ________.

• A) $12; $14
• B) $500; $300
• C) $14; $12
• D) $700; $300
• E) $500; $700

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Definitions:

Personal Exemptions

Deductions allowed by the IRS on income tax for the taxpayer and dependents, though largely eliminated for tax years 2018 through 2025.

Amount

A quantitative measure or sum of money.

Exemption

A deduction allowed by law to reduce the amount of income that would otherwise be taxed. These are often provided for the taxpayer, their spouse, and dependents.

Full-Time Student

An individual enrolled in a higher education institution for the number of hours or courses the school considers to be full-time attendance.