Chapter Preview: Undoubtedly, you already use demand and supply analysis in your daily life. Just as we don’t need to have learned applied physics or geometry (force, angles) in order to play pool, we don’t need a course in economics to tell us that if a war breaks out in the Middle East, then we should expect a price hike in a gallon of gasoline, or that if worker benefits increase in this country, then illegal immigration and outsourcing are likely to increase.
By the end of this chapter, you will be able to:
- State and explain the law of demand and the law of supply.
- Draw and interpret demand and supply graphs.
- Distinguish between a shift of a demand or supply curve and a movement along a curve, and show these ...
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