A relative price is __________________.

a price expressed in terms of money
the ratio of one money price to another
equal to a money price
what you get paid for babysitting your cousin

The quantity demanded of a good or service is the amount that ______________.

consumers plan to buy during a given time period at a given price
is actually bought during a given time period at a given price
firms are willing to sell during a given time period at a given price
a consumer would like to buy but might not be able to afford

Demand is the ________________.

entire relationship between the quantity demanded and the price of a good
unlimited wants of consumers
willingness to pay for a good if income is large enough
ability to pay for a good

If, as people's incomes increase, the quantity demanded of a good decreases, the good is called ____________.

an inferior good
a substitute
a complement
a normal good

The quantity of Walkmans that people plan to buy this month depends on all of the following except the _____________.

quantity of Walkmans that producers plan to sell
price of a CD player
price of a tape
price of a Walkman

The quantity supplied of a good or service is the amount that ________________.

producers plan to sell during a given time period at a given price
is actually bought during a given time period at a given price
people are willing to buy during a given time period at a given price
producers wish they could sell at a higher price

Supply is the ________________.

entire relationship between the quantity supplied and the price of a good
limited resources available
willingness to produce a good if the technology to produce it becomes available
cost of producing a good

The quantity of Walkmans that firms plan to sell this month depends on all of the following except the ___________.

quantity of Walkmans that people plan to buy
number of producers of Walkmans
wages of workers in electronics factories
price of a Walkman

If the price of the Walkman is below the equilibrium price, there will be a ________ of Walkmans and the price will _____

shortage; rise
surplus; fall
surplus; rise
shortage; fall

If the price of the Walkman is above the equilibrium price, there will be a ________ of Walkmans and the price will _____

surplus; fall
shortage; rise
shortage; fall
surplus; rise

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