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1. Digital Study Guide, written by William Walstad
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After reading this chapter, you should be able to:

1. Describe demand and explain how it can change.
2. Describe supply and explain how it can change.
3. Relate how supply and demand interact to determine market equilibrium.
4. Explain how changes in supply and demand affect equilibrium prices and quantities.
5. Identify what government-set prices are and how they can cause product surpluses and shortages.
6. (Appendix) Illustrate how supply and demand analysis can provide insights on actual-economy situations.