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Explain the concept of symbiosis, and give examples of both positive and negative symbioses.
Vertical Equity
The principle that taxpayers with higher incomes should pay more in taxes than those with lower incomes.
Marginal Tax Rate
The rate at which the last dollar of a taxpayer's income is taxed, indicating the percentage of additional income that is paid in tax.
Efficiency
The optimal use of resources to achieve the best possible outcome or output with minimal waste.
Equity
Equity refers to fairness or justice in the way people are treated and involves ensuring equal opportunities and rights for all individuals.
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