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Textbook Site for:
Microeconomics , Fifth Edition
William Boyes, Arizona State University
Michael Melvin, Arizona State University
Chapter Review
Chapter 3: Markets, Demand and Supply, and the Price System


1. What is a market?

2. What is demand?

3. What is supply?

4. How is price determined by demand and supply?

5. What causes price to change?

6. What happens when price is not allowed to change with market forces?



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