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Documents HOW MARKETS WORK. Market exchange is a process through which people buy and sell commodities....

Slide 1HOW MARKETS WORK Slide 2 Market exchange is a process through which people buy and sell commodities. Chapter three examines the workings of perfectly competitive markets.…

Documents Economics 111.3 Winter 14 January 17 th, 2014 Lecture 5 Ch. 3.

Slide 1 Slide 2 Economics 111.3 Winter 14 January 17 th, 2014 Lecture 5 Ch. 3 Slide 3 Shifts in Demand: a recap Demand Shifters are changes in: tastes (preferences) number…