In the equation for the short-run aggregate supply curve, π = πe + γ 
+ ρ, an improvement in the credibility of monetary policy is represented by a change in ________.
Definitions:
Tax Structure
The system or arrangement of taxing different economic entities and transactions, encompassing the rates, bases, and administration of taxes.
Proportional
Proportional refers to a relationship where two quantities change at the same rate, maintaining a constant ratio between them.
Regressive
A term typically used to describe a tax system where the tax rate decreases as the taxable amount increases, disproportionately affecting those with lower incomes.
Marginal Tax Rate
The rate at which the last dollar of income is taxed, reflecting the percentage of an additional dollar of income that is paid in tax.
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