Of the Following,the Largest Source of Revenue for the Federal

question 94

Multiple Choice

Of the following,the largest source of revenue for the federal government is

• A)personal income taxes.
• B)lottery revenue.
• C)sales taxes.
• D)corporate income taxes.
• E)property taxes.

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Definitions:

Pure Monopolists

Firms that are the sole supplier of a unique product with no close substitutes, granting them significant control over pricing.

Barriers To Entry

Obstacles that make it difficult for new competitors to enter a market, which can include high startup costs, regulatory requirements, or established brand loyalty.

Economic Profits

The excess of total revenue over total costs, including both explicit and implicit costs, signifying a return beyond the normal profit level.

Natural Monopoly

A market situation where due to high fixed or startup costs, a single firm can supply a product or service at a lower cost than any potential competitor, leading to a dominance of the market.