Directions: Match the items in Column A with Column B. Column A Column B 1. General agreement of the buyer and the seller in the exchange of goods and a. Floor price services at a particular quantity. 2. The legal minimum price imposed by the govemment on certain goods and services. b. Price control 3. A condition in the market where the quantity supplied is more than the c. Adam Smith quantity demanded. 4. British economist who introduced a d. Market equilibrium kind of pricing scheme by combining the law of demand and the law of supply. 5. The quantity of a commodity which e. Shortage buyers will buy at a given time and place will vary inversely with the price. 6. The legal maximum price imposed by f. Surplus the government. 7. This means that as price increases g. Alfred Marshall quantity supplied also increases; and as price decreases, quantity supplied also decreases. 8. The specification by the government h. Price ceiling of minimum or maximum prices for certain goods and services. 9. Basically a condition in the market in i. Demand which quantity demanded is higher than quantity supplied at a given price. 10. It means all other things equal or j. Ceteris Paribus constant. k. Law of Supply