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 .