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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 3:
Applications of Demand and Supply
- Who determines what is produced?
- Why do different people earn different incomes and why do different jobs pay different wages?
- When the government intervenes in the market by providing a subsidy, what
is the result?
- When the government intervenes in the market by setting a price floor or ceiling, what is the
result?
- When government intervenes in the market with a tariff, what is the result?
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