Economics (McConnell), AP* Edition, 20th EditionChapter 3:
Demand, Supply, and Market Equilibrium (+ Appendix)After studying this chapter, you should be able to: LO 3.1 | Characterize and give examples of markets. | LO 3.2 | Describe demand and explain how it can change. | LO 3.3 | Describe supply and explain how it can change. | LO 3.4 | Relate how supply and demand interact to determine market equilibrium. | LO 3.5 | Explain how changes in supply and demand affect equilibrium prices and quantities. | LO 3.6 | Identify what government-set prices are and how they can cause product surpluses and shortages. | LO 3.7 | (Appendix) Illustrate how supply and demand analysis can provide insights on actual-economy situations. |
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