In a Graph with Output on the Horizontal Axis and Total

question 116

Multiple Choice

In a graph with output on the horizontal axis and total revenue on the vertical axis, the shape of the total revenue curve for a perfectly competitive seller is

• A)U-shaped
• B)inverted U-shaped
• C)a horizontal line
• D)a ray from the origin

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Definitions:

FICA Taxes

Taxes imposed on both employees and employers to fund Social Security and Medicare, based on a percentage of the employees' wages.

SUTA Taxes

State Unemployment Tax Act taxes that employers pay to provide unemployment benefits to workers who lose their jobs.

FUTA Taxes

Federal unemployment taxes employers must pay, contributing to the US government's fund to support those unemployed.

Current Liability

A company's debt or obligations that are due within one year.