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Learning Objectives
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After reading this chapter, you should be able to:

  • State the law of demand and draw a demand curve from a demand table.
  • Explain the importance of substitution to the laws of supply and demand.
  • Distinguish a shift in demand from a movement along the demand curve.
  • State the law of supply and draw a supply curve from a supply table.
  • Distinguish a shift in supply from a movement along the supply curve.
  • Explain how the law of demand and the law of supply interact to bring about equilibrium.
  • Show the effect of a shift in demand and supply on equilibrium price and quantity.
  • State the limitations of demand and supply analysis.





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