Refer to Figure 21

question 40

Multiple Choice

Refer to Figure 21.3.The vertical difference between the total cost curve and the total fixed cost curve represents

• A) Total variable costs.
• B) Total marginal costs.
• C) Average fixed costs.
• D) Average variable costs.

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Definitions:

Payroll Tax

Tariffs levied on employers and employees alike, generally calculated by a fraction of the workers' salaries.

Regressive

Describes a tax or policy that disproportionately affects lower-income individuals, typically by taking a larger percentage of their income.

Payroll Tax

Burdens placed on employers along with their employees, customarily determined as a percentage of the staff's wages.

Corporate Profits Tax

A tax imposed on the income or profit of corporations.