A Highly Competitive Marketplace in Which Consumers Have Many Alternatives

question 50

True/False

A highly competitive marketplace in which consumers have many alternatives is more likely to result in better customer service than a marketplace with little competition.

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Definitions:

FICA Social Security Taxes

Taxes collected under the Federal Insurance Contributions Act that fund Social Security and Medicare programs.

FICA Medicare

The portion of the U.S. Federal Insurance Contributions Act tax that funds Medicare, providing health insurance to individuals over 65 and some younger with disabilities.

Federal Unemployment Taxes

Taxes imposed by the federal government on employers to fund state unemployment agencies and provide unemployment compensation to workers who have lost their jobs.

State Unemployment Taxes

Taxes imposed by state governments on businesses based on the amount of wages paid to employees, used to fund unemployment compensation programs.