Paying Taxes Is an Example of

question 7

Multiple Choice

Paying taxes is an example of

• A)generalized reciprocity.
• B)balanced reciprocity.
• C)the market principle.
• D)redistribution.
• E)negative reciprocity.

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Definitions:

Demand Elastic

The responsiveness of the quantity demanded of a good or service to a change in its price; higher elasticity means consumers are more sensitive to price changes.

Price Elastic

A term describing how responsive the demand for a good is to a change in its price.

Total Revenue

The total amount of money generated by a business from the sale of its goods or services before any costs or expenses are deducted.

Total Revenue

The total amount of money received by a company for goods sold or services provided during a certain period of time.