If Higher Price Buyers Have to Be Turned Away Because

question 74

Multiple Choice

If higher price buyers have to be turned away because the capacity has already been committed to lower price buyers,this is

• A)spill.
• B)spoilage.
• C)wastage.
• D)excess.

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Definitions:

Marginal Rate

The marginal rate often refers to the incremental or additional rate of change in a quantity or cost in response to a change in some other variable.

Social Security System

A government program that provides financial assistance to retirees, disabled workers, and survivors of deceased workers.

Tax Bracket

A range of incomes taxed at a given rate.

Average Tax Rate

The ratio of the total amount of taxes paid to the total taxable income, showing the share of income that goes to taxes.