February/March 2026 Paper 12

2026 · 30 questions · 30 parts · 30 marks

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5Market Equilibrium Price MechanismMedium1 mark
The diagram shows the market for a good.
market diagram for a good, price on the vertical axis and quantity on the horizontal axis, with a downward-sloping demand curve D crossing an upward-sloping supply curve S at point Z; a dashed line at price P1, above Z, meets D at X and S at Y
If the current disequilibrium price is at , what will need to happen to adjust to the market equilibrium at point Z?