Economics Question: Explain the concept of the "Laffer curve" in the context of tax policy, and how does it inform tax rate decisions? A$)$ The Laffer curve suggests that higher tax rates always lead to higher tax revenues. B$)$ The Laffer curve illustrates the idea that reducing tax rates can lead to increased tax revenue up to a certain point, after which further reductions result in lower revenue. C$)$ The Laffer curve has no relevance to tax policy decisions.

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