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Chapter 3
Basic Elements of Supply
and Demand
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T-15
Figure 3-1
Gasoline Prices Move with Demand
and Supply Changes
Source,U.S,Department of Energy and Labor
McGraw-Hill/Irwin Copyright ? 2001 The McGraw-Hill Companies,Inc,All rights reserved,
A Downward-Sloping Demand Curve
Relates Quantity Demanded to Price
T-16
Figure 3-2
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Declining Computer Prices Have Fueled an
Explosive Growth in Computer Power
T-17
Figure 3-3
Source,Department of Commerce estimates of real output and prices,
Note that the data are plotted on ratio scales,
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Increase in Demand for
Automobiles
T-18
Figure 3-4
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Supply Curve Relates Quantity
Supplied to Price
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Figure 3-5
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Increased Supply of Automobiles
T-20
Figure 3-6
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Market Equilibrium Comes at the Intersection
of Supply and Demand Curves
T-21
Figure 3-7
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Shifts in Supply or Demand Change
Equilibrium Price and Quantity
T-22
Figure 3-8
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Shifts of and Movements
along Curves
T-23
Figure 3-9
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Impact of Immigration on Wages
T-24
Figure 3-10