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ECONOMIC RECOVERY TAX ACT: Unofficially called the Kemp-Roth, this was a cornerstone of economic policy under President Reagan passed in 1981. The three components of this act were: (1) a decrease in individual income taxes, phased in over three years, (2) a decrease in business taxes, primarily through changes in capital depreciation, and (3) the indexing of taxes to inflation, which was implemented in 1985. This act was intended to address the stagflation problems of high unemployment and high inflation that existed during that 1970s and to provide greater incentives for investment. A primary theoretical justification is found in the Laffer curve relation between tax rates and total tax collections.
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Lesson 17: Market Structures | Unit 2: Four Types
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Page: 12 of 23
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In this unit, you should have learned about:- The market structure continuum with varying degrees of market control, with perfect competition at one end, monopoly at the other, and monopolistic competition and oligopoly in the middle.
- Perfect competition as market structure used as the benchmark for efficiency when evaluating the other three market structures.
- Monopoly as a market structure with a single firm, that is most commonly found in the provision of public utility services.
- Monopolistic competition as the real world's best attempt at perfect competition, with the large number or small firms producing slightly different products.
- Oligopoly as the market structure dominated by a small number of large firms, that compete in ways that prompt close government scrutiny.
- Three market structures that are based market control of the buying side -- monopsony, monopsonistic competition, and oligopsony.
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SECOND-DEGREE PRICE DISCRIMINATION A form of price discrimination in which a seller charges different prices for different quantities of a good. This also goes by the name block pricing. Second-degree price discrimination is possible because decidedly different quantities are purchased by different types of buyers with different demand elasticities. This is one of three price discrimination degrees. The others are first-degree price discrimination and third-degree price discrimination.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales wanting to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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ATO
At The Opening
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