The price of a tomato increases and people buy fewer onions. You infer that onions and tomatoes are ________.

complements
substitutes
normal goods
inferior goods

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

population
expected future price of a car
quantity of cars that dealers have for sale
price of a van

Kelly graduates and her income increases by £10,000 a year. Other things remaining the same, she decreases the quantity of donuts she buys. For Kelly, donuts ______________.

are a normal good
and toast have become substitutes
and coffee has become complements
are an inferior good

Students can rent a video at Campus Video for £4. As the price of a VCR decreases, the ____________.

demand for videos will increase
supply of videos will decrease
quantity demanded of videos will increase
quantity supplied of videos will decrease

In the book market, the supply of books will decrease if any of the following occur except ___________.

a decrease in the number of book publishers
an increase in the future expected price of a book
an increase in the price of paper
a decrease in the price of a book

If the price of a video rental is below the equilibrium price, the quantity supplied is _______ than the quantity demanded. If the price of a video rental is above the equilibrium price, the quantity supplied is _______ than the quantity demanded.

less; greater
less; less
greater; less
greater; greater

A typewriter is an inferior good. As people's incomes increase and other things remain the same, you predict that the _______________.

demand for typewriters will decrease and the price of a typewriter will fall
demand for typewriters will decrease and the price will rise
demand for typewriters will increase as the price of a typewriter falls
price of a typewriter will fall and the demand for typewriters will increase

The figure illustrates the market for pens. The equilibrium quantity is ____.

500 pens a month
400 pens a month
5 pens a month
2 pens a month

If the demand for bottled water increases, the equilibrium price _________ and the equilibrium quantity __________.

increases; increases
decreases; decreases
increases; decreases
decreases; increases

The figure illustrates the market for chairs. If the price of a chair is £40, there is a ____ of chairs and the price will _________.

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

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