Principle 5: Market equilibrium: verbally state what is true at a market equilibrium price: that market is in an Price of product X equilibrium state only if, at some specific price (Pxe ): Supply quantity demanded for product X (qxd) curve quantity supplied for product X (qx ) Pre Now explain HOW, the given the market demand curve and a market supply curve for some product X at this price ( Px) illustrates the Demand market in an equilibrium state. If the price = Px, THEN the curve horizontal distance to the demand curve which is quantity demanded for product X (qxd) quantity if product X the horizontal distance to the supply curve which is quantity supplied for product X (qx )