Macroeconomics ["Supply & Demand"]

Chapter 6 - Supply, Demand, and Government Policies

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Macroeconomics

5 Terms

Lawmakers

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

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inelastic market

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

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legal minimum

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

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Minimum wages

________ dictate the lowest price paid to laborers.

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responsible for millions of business

Prices are ________ and consumer decisions.

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