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Learning Objectives
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In this chapter you will learn:
  • What demand is and what affects it.
  • What supply is and what affects it.
  • How supply and demand together determine market equilibrium.
  • How changes in supply and demand affect equilibrium prices and quantities.
  • What government-set prices are and how they can cause product surpluses and shortages.







McConnell, Macro 17e OLCOnline Learning Center

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