Chapter 6 - Supply, Demand, and Government Policies

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Macroeconomics

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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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inelastic market
A tax negatively affects a(n) ________ more than an elastic one.
3
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legal minimum
Price floor: a(n) ________ on the price at which a good can be sold.
4
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Minimum wages
________ dictate the lowest price paid to laborers.
5
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responsible for millions of business
Prices are ________ and consumer decisions.