Fill-in-the-Blank
1. Fill in the blanks to make the following statements correct.
a. The term quantity demanded refers to purchases by
consumers, whereas quantity exchanged refers to
purchases by consumers.
b. Quantity demanded refers to the quantity of widgets
demanded per period of. “The quantity demanded of
widgets is 1000 units” is not meaningful unless we know
the period over which the 1000 units are demanded.
Quantity demanded is a variable.
c. A demand curve represents the relationship between
and , ceteris paribus. The negative slope indicates that
when the price decreases, quantity demanded.
d. Five important causes of shifts in the demand curve are:e. The Latin phrase meaning “other things being equal” is. When we want to study the effects of changes in
one variable at a time, we hold all other variables
2. Fill in the blanks to make the following statements correct.