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Mr. and Mrs. Sturm actively manage an office building that they purchased in January 1997. This year, the office building generated a $68,000 net loss. The couple's income items consisted of $72,300 salary and $14,000 interest and dividend income. How much of the rental loss is deductible this year?
Income Effects
Changes in consumers' purchasing patterns resulting from a change in their income, influencing how they allocate their spending across different goods and services.
Substitution Effects
The change in the consumption pattern of goods due to a change in their relative price, leading consumers to substitute one good for another.
Labor Market
The input/factor market in which households supply work for wages to firms that demand labor.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute cheaper goods for more expensive ones.
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