Examlex
Of the following industries, which are perfectly competitive? For those that are not perfectly competitive, explain why.
a.Restaurants
b.Corn
c.College education
d.Local radio and television
Constant-rate
A process or condition that occurs at a steady, unchanging rate over time.
Regressive
Regressive, in economic terms, often refers to a tax system where the tax rate decreases as the taxable amount increases, imposing a greater burden on lower-income individuals.
Marginal Tax Rate
The percentage of an increase in income that is taxed away.
Average Tax Rate
The ratio of the total amount of taxes paid to the total taxable income.
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