When filing their Federal income tax returns, the Youngs always claimed the standard deduction.After they purchased a home, however, they started to itemize their deductions from AGI.
Definitions:
Equilibrium Quantity
The quantity of goods or services supplied that is equal to the quantity demanded at the equilibrium price.
Marginal Social Cost
The cost to society of producing one additional unit of a good or service, incorporating both the private costs and any external costs.
Consumer Surplus
The gap observed between the consumer's desired price for a good or service and the price that is actually paid.
Marginal Benefit
The extra benefit or pleasure that someone receives from using an additional unit of a specific good or service.
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