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Chapter 3 Study Guide (password: chapter)

3.0 Introduction to Demand and Supply

3.1a Demand in Markets for Goods and Services (part a)

3.1b Supply in Markets for Goods and Services (part b)

3.1c Equilibrium in Markets for Goods and Services (part c)

3.2a Shifts in Demand for Goods and Services (part a)

3.2b Shifts in Supply for Goods and Services (part b)

3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process

3.4a Price Ceilings (part a)

3.4b Price Floors (part b)

3.5 Demand, Supply, and Efficiency

Practice Problems

Answer Key

Problem 1

Problem 2

Problem 3

Problem 4

Problem 5

Problem 6

Problem 7

Problem 8

Problem 9

Problem 10