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

  • Explain real-world events using supply and demand.
  • Discuss how exchange rates are determined using supply and demand.
  • Demonstrate the effect of a price ceiling and a price floor on a market.
  • Explain the effect of excise taxes and tariffs on equilibrium price and quantity.
  • Explain the effect of a third-party-payer system on equilibrium price and quantity.





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