shift in equilibrium graph annotation

Question 1

sentence 1

Answer 1

figure (x) shows the market for …, with price on the y axis and quantity on the x axis.

Question 2

sentence 2

Answer 2

the market is initially in equilibrium, where S=D and quantity Q is bought and sold at price P.

Question 3

sentence 3

Answer 3

As (change) firms/consumers become more/less willing/able to supply/buy …, causing S/D to shift to S1/D1.

Question 4

sentence 4

Answer 4

Now at price P, there is an excess supply/demand of … between Q and Qs/Qd.

Question 5

sentence 5

Answer 5

This results in a bidding, causing prices to increase.
OR
This means firms will have extra …, giving them incentive to decrease prices to sell it.

Question 6

sentence 6

Answer 6

The market reaches a new equilibrium where S1 = D/D1 = S and quantity Q1 is bought and sold at price P1.