Economics · Public Finance
Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R). Read the statements and choose the correct answer using the code given below. Assertion (A): A progressive income tax can be justified based on the principle of equimarginal sacrifice. Reason (R): As income rises, the marginal utility of money for the taxpayer generally declines.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1(A) is false, but (R) is true.
- 2(A) is true, but (R) is false.
- 3Both (A) and (R) are true, but (R) is not the correct explanation of (A).
- 4Both (A) and (R) are true and (R) is the correct explanation of (A).✓
Correct answer
Both (A) and (R) are true and (R) is the correct explanation of (A).
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