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## AP®︎/College Microeconomics

### Unit 2: Lesson 6

Market equilibrium and consumer and producer surplus

# Market equilibrium

AP.MICRO: MKT‑4 (EU), MKT‑4.A (LO), MKT‑4.A.1 (EK), MKT‑4.A.2 (EK), MKT‑4.A.3 (EK), MKT‑4.A.4 (EK)

## Problem

The market for Good Z is shown here.
The figure presents a graph showing a demand curve and a supply curve in the first quadrant of a coordinate plane. The horizontal axis is labeled Q and the vertical axis is labeled P.
The following three quantities appear along the horizontal axis, from left to right Q A, Q B, and Q C. Q B is midway along the horizontal axis. Q A is midway between Q A and the origin, Q C is midway between Q B and the end of the horizontal axis. Q A, Q B, and Q C are an equal distance apart. The following three prices appear along the vertical axis: P 3, P 4, and P 5. P 4 is midway up the vertical axis. P 5 is midway between P 4 and the origin. P 3 is midway between P 4 and the top of the vertical axis.
There are five points on the graph. The first point has coordinate Q A comma P 3. and is on the demand curve. The second point has coordinate Q A comma P 5 and is on the supply curve. The third point is labeled X and has coordinate Q B comma P 4 and is at the intersection of the supply curve and demand curve. The fourth point has coordinate Q C comma P 3 and is on the supply curve. The fifth point has coordinate Q C comma P 5 and is on the demand curve.
The demand curve is a straight line that slopes down. The supply curve is a straight line that slopes up.
The market for good Z
Which of the following represents the shortage that would result in this market at a price of P, start subscript, 5, end subscript?