A relative price is __________________.

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

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

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
is actually bought during a given time period at a given price
consumers plan to buy during a given time period at a given price

Demand is the ________________.

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

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

a complement
a normal good
a substitute
an inferior good

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

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

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

producers wish they could sell at a higher 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 plan to sell during a given time period at a given price

Supply is the ________________.

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

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
price of a Walkman
wages of workers in electronics factories

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
shortage; fall
surplus; rise

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
surplus; rise
shortage; fall

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