Chapter 6 - Supply, Demand, and Government Policies

Lawmakers

________ have the power to determine whether taxes come from the pockets of buyers or sellers.

Minimum wages

________ dictate the lowest price paid to laborers.

responsible for millions of business

Prices are ________ and consumer decisions.

Price ceiling

___________: a legal maximum on the price at which a good can be sold.

Price floor

___________: a legal minimum on the price at which a good can be sold.

little elasticity

When there's ________________ of supply, sellers do not have many other options to produce this specific good.