Review over Chapters 3,4,5

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In addition to price, other determinantsof how much consumers want to buy include

When the market price is above the equilibrium price, there is a surplus of the good which causes

According to the law of demand, as the price of a good falls the quantity demanded

According to the law of supply, as the price of a good rises, the quantity supplied

The intersection of the supply and demand curves determines the

A situation in which quantity demanded is greater than quantity supplied

Two ways to compare the ability of two people to produce a good

In market economies what are the signals that guide economic decisions?