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The question refers to a supply and demand graph, asking for specific values based on market prices and equilibrium. Let me help you break this down based on the visual and given instructions:

1. **Quantity Demanded and Supplied at Price of $8:**
   - Based on the graph, at a price of $8, look at the corresponding points on the demand (downward-sloping) and supply (upward-sloping) curves to find the quantity demanded and supplied.

2. **Surplus at Price of $4:**
   - A surplus occurs when the quantity supplied is greater than the quantity demanded. At $4, find the difference between the quantity supplied and demanded by reading off the graph.

3. **Market Equilibrium Price:**
   - The market equilibrium is where the demand and supply curves intersect. From the graph, find the price at this intersection, which will be your equilibrium price.

4. **Equilibrium Quantity:**
   - At the equilibrium price, the quantity demanded equals the quantity supplied. You can find this quantity from the graph at the intersection point.

If you want, I can further analyze the graph to get specific numbers for the quantities and prices. Would you like me to dive deeper into those values?

Here are some related questions to extend your understanding:

1. What happens to the equilibrium price and quantity if demand increases?
2. How would a government-imposed price floor above the equilibrium affect the market?
3. What is the significance of the area between the supply and demand curves?
4. How can consumer surplus be calculated using the demand curve?
5. What effect does a change in production costs have on the supply curve?

**Tip:** Remember, a surplus means producers are supplying more than consumers are willing to buy at a given price, which generally leads to downward pressure on prices.

At the market price of $8, the quantity demanded is ___ units, and quantity supplied is ___ units. At this price, ___ exists. At a market price of $4, a ___ surplus now exists. The market equilibrium exists at a price of ___. In equilibrium, the quantity demanded by consumers is ___ to the quantity supplied by producers.

Analyze how market equilibrium is determined using supply and demand curves, and learn to calculate surplus and shortage at specific price points. This problem covers core economic concepts suitable for high school economics students.

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