I f the tax code exempts the first $20,000 of income from taxation and then taxes 25

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I f the tax code exempts the first $20,000 of income from taxation and then taxes 25 percent of all income above that level, then a person who earns $50,000 has an average tax rate of _________ percent and a marginal tax rate of _________ percent.

a. 15; 25

b. 25; 15

c. 25; 30

d. 30; 25

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Principles Of Microeconomics

ISBN: 9780357133484

9th Edition

Authors: N Gregory Mankiw

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Question Posted: Jan 27, 2024 11:00 PM

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I f the tax code exempts the first $20,000 of income from taxation and then taxes 25

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Principles Of Microeconomics

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