Chapter 6 - Supply, Demand, and Government Policies

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Macroeconomics

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6 Terms

1
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Elasticity
________ measures the willingness of buyers or sellers to leave the market when conditions become unfavorable.
2
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Landlords
________ adjust rent but are still under the ceiling policy that was intended to help the poor by making housing more affordable.
3
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minimum wage
The ________ raises the income of those who have jobs but lowers the incomes of those who can not find jobs.
4
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supply of labor
The ________ is much less elastic than the demand.
5
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quality of labor
The ________ supplied exceeds the quantity demanded and this results in unemployment.
6
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tax burden
A(n) ________ falls more heavily on the side of the market that is less elastic.