Question

From the list on your right select the letter that contains the word, phrase, name, etc that best matches the word, phrase, name, etc listed on the left The total amount of goods and services consumers are willingEquilibrium and able to purchase at a given price Other things remaining the same or other things being equal supplied, ceteris paribus Where buyers' and sellers' plans are in balance or in agreement A rise in income brings a decrease in demand The Law of Demand C. Normal good Positive or direct relationship between price and quantity D The Law of Supply curve shifts to tho lon F Complements G Consumer surplus :An increase in the price of X leads to a decline in demand forY H Demand I Quantity demanded Price ceiling set below equilibrium The area below the demand curve and above the market price JShortage K Substitutes L An example of price floor M Inferior good N Producer surplus Minimum wage Natural disaster No effect on the market P Quantity supplied

Answer 1

The left hand side statements are ranked as 1 to 10 based on their sequence so as to match it with the A to P of right hand side.

1. H

2. O

3. D

4. A

5.M

6.F

7.J

8.G

9.L

10.E