Learning Objectives Chapter 4

Define what is meant by market, market demand and market supply.
Distinguish between a change in quantity demanded and a change in demand.
Identify factors that change market demand.
Distinguish between a change in quantity supplied and a change in supply.
Identify factors that change market supply.
Graph market demand, supply, and equilibrium.
Graph and explain what will happen in a market after a shock to supply and/or demand.
Apply supply and demand analysis to real-world situations.

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