Final answer:
The graph represents the market for gluten-free breakfast cereal, showing the after-tax price paid by buyers and price received by sellers. The intersecting point of the demand and supply curves is the equilibrium price. The graph also shows the areas of consumer surplus and producer surplus.
Step-by-step explanation:
The graph provided represents the market for gluten-free breakfast cereal. The after-tax price paid by buyers, also known as the consumer price, is represented by the demand curve. The price received by sellers, also known as the producer price, is represented by the supply curve.
In the graph, the point where the demand and supply curves intersect is the equilibrium price, which is the price at which the quantity demanded by buyers is equal to the quantity supplied by sellers. The area labeled by F represents consumer surplus, which shows that the equilibrium price is lower than what consumers are willing to pay. The area labeled by G represents producer surplus, which shows that the equilibrium price is higher than what producers are willing to accept.