Andres and Lakeisha Are Married and File Joint

question 54

Multiple Choice

Andres and Lakeisha are married and file joint. Andres is 72 years old and in good health. Lakeisha is 62 years old and blind. What amount of standard deduction can Andres and Lakeisha claim this year?

• A) $14,800
• B) $13,600
• C) $9,100
• D) $12,400
• E) None of these.

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Definitions:

Short-Run Supply

The total amount of goods and services that producers are willing and able to sell in the market at various prices over a short period, often influenced by fixed factors of production.

Long-Run Supply

A market condition reflecting the total output of goods and services providers are willing and able to produce, considering all inputs are variable.

Short Run

Refers to a period in which at least one input is fixed, limiting the capacity of the economy or firm to adjust to changes in demand.

Long Run

A period in which all inputs can be adjusted by firms, allowing for full adjustment to market conditions or changes in production technology.