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Question 26 (3 points) 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 willing and able to purchase at a given price. Positive or direct relationship between price and quantity supplied, ceteris paribus Quantity demanded Ceteris paribus The Law of Supply Equilibrium An increase in the price of X leads to a decline in demand forY A rise in income brings a decrease in demand Where buyers' and sellers' plans are in balance or in agreement Minimum wage 10. 11. Inferior good Complements Shortage Consumer surplus An example of price floor Supply curve shifts to the left Demand Price ceiling set below equilibrium Other things remaining the same or other things being equal Natural disaster The area below the demand curve and above the market price 12. 13. 15. 16. Quantity supplied The Law of Demand Normal good Substitutes Producer surplus No effect on the market