Chapter 6 - Supply, Demand, and Government Policies

Elasticity

________ measures the willingness of buyers or sellers to leave the market when conditions become unfavorable.

Landlords

________ adjust rent but are still under the ceiling policy that was intended to help the poor by making housing more affordable.

minimum wage

The ________ raises the income of those who have jobs but lowers the incomes of those who can not find jobs.

supply of labor

The ________ is much less elastic than the demand.

quality of labor

The ________ supplied exceeds the quantity demanded and this results in unemployment.

tax burden

A(n) ________ falls more heavily on the side of the market that is less elastic.