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Learning Objectives
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1. State the law of demand and draw a demand curve from a demand table.

2. Explain the importance of substitution to the laws of supply and demand.

3. Distinguish shifts in demand from movements along a demand curve.

4. State the law of supply and draw a supply curve from a supply table.

5. Distinguish shifts in supply from movements along a supply curve.

6. Explain how the law of demand and the law of supply interact to bring about equilibrium.

7. Show the effect of a shift in demand and supply on equilibrium price and quantity.

8. State the limitations of demand and supply analysis.





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