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Fundamentals of Economics
, Second Edition
William Boyes, Arizona State University
Michael Melvin, Arizona State University
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Chapter Review
Chapter 2:
Markets and the Market Process
- How are goods and services allocated?
- How does a market work?
- What is demand?
- What is supply?
- How is price determined by demand and supply?
- What causes price to change?
- Why isn't the market used to allocate everything?
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