Examlex
A monopoly increases price by limiting the quantity supplied to a market.
Market Price
The current price at which an asset or service can be bought or sold in the market.
Taxable Income
The portion of income that is subject to taxation by a government, after all deductions and exemptions.
Tax Liability
The total amount of tax that businesses and individuals are legally obligated to pay to the tax authorities based on their income, assets, or transactions.
Average Tax Rate
The ratio of total taxes paid to total income, indicating the percentage of income that goes to taxes.
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