Jason and Peg Are Married and File a Joint Return

question 120

True/False

Jason and Peg are married and file a joint return.Both are over 65 years of age and Jason is blind.Their standard deduction for 2011 is $15,050 ($11,600 + $1,150 + $1,150 + $1,150).

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Definitions:

Oligopoly

A business environment where only a few enterprises have strong dominance in controlling market prices and the competitive landscape.

Marginal Cost

The monetary cost of fabricating one more unit of a product or service.

Marginal Revenue Curve

A graphical representation showing how marginal revenue varies with changes in quantity sold.

Kinked

Often relating to the kinked-demand curve seen in oligopolistic markets, where firms face a price elasticity that abruptly changes as prices increase or decrease.