Studied by 3 people
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.
Note 
Flashcard (22)