Chapter 6 - Supply, Demand, and Government Policies

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Macroeconomics

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6 Terms

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

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