Equilibrium in microeconomics is the state where the quantity of goods or services supplied is equal to the quantity demanded by consumers at a particular price. This balance ensures that there is neither a surplus nor a shortage in the market.
The total amount of goods or services that consumers are willing and able to purchase at various price levels.
The total amount of a specific good or service that is available to consumers at varying price points.
Market Price: The price of a commodity when sold in a given market, determined by the interaction of supply and demand