Chapter 6 - Supply, Demand, and Government Policies

0.0(0)
studied byStudied by 3 people
linked notesView linked note
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/5

flashcard set

Earn XP

Description and Tags

Macroeconomics

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

6 Terms

1
New cards
Lawmakers
________ have the power to determine whether taxes come from the pockets of buyers or sellers.
2
New cards
Minimum wages
________ dictate the lowest price paid to laborers.
3
New cards
responsible for millions of business
Prices are ________ and consumer decisions.
4
New cards
Price ceiling
___________: a legal maximum on the price at which a good can be sold.

5
New cards
Price floor
___________: a legal minimum on the price at which a good can be sold.
6
New cards
little elasticity
When there's ________________ of supply, sellers do not have many other options to produce this specific good.