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During a psychology experiment, Chad and Wilma are asked to compete in the "prisoner's dilemma" game.As shown below, Wilma goes first, and after four rounds, the results are as follows:
As revealed in the pattern of responses above, Wilma is probably using a ________ strategy.
Marginal Tax Rate
The rate at which the last dollar of income is taxed, indicating the percentage of tax applied to your income for each tax bracket in which you qualify.
Taxable Income
The portion of an individual's or corporation's income used to determine how much tax is owed to the government in a specific tax year.
Progressive Tax
A tax system in which the tax rate increases as the taxable amount increases, typically structured to tax higher income earners at a higher rate.
Taxes
Compulsory financial charges or other types of levies imposed upon a taxpayer by a governmental organization in order to fund various public expenditures.
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