Chapter 6 - Supply, Demand, and Government Policies

Lawmakers

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

inelastic market

A tax negatively affects a(n) ________ more than an elastic one.

legal minimum

Price floor: a(n) ________ on the price at which a good can be sold.

Minimum wages

________ dictate the lowest price paid to laborers.

responsible for millions of business

Prices are ________ and consumer decisions.