Use the table for the question(s) below.
Consider the following historical top federal tax rates in the United States:
Personal Tax Rates 
-In 2005,assuming an average dividend payout ratio of 50%,the effective tax rate for equity holders was closest to:
Definitions:
Kinked Market Supply
A theoretical market supply curve where firms face a discontinuous elasticity of demand at different prices, leading to price stability within a certain range.
Producer Surplus
The difference between what producers are willing to sell a product for and the actual price at which they sell it.
Market Supply Elasticity
A measure of how much the quantity supplied of a good changes in response to a change in price.
Supply Curves
Graphical representations showing the relationship between the price of a good and the amount of it that producers are willing to supply at that price.
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