A market equilibrium exist when

A market equilibrium exists when the demand for a product or service is equal to the supply of that product or service. This means that at the given market price, the quantity of goods or services demanded by consumers is exactly equal to the quantity of goods or services supplied by producers. In other words, there is neither a shortage nor a surplus of goods or services in the market, and all buyers who want to buy at the prevailing price can do so, while all sellers who want to sell at that price can do so as well. At the market equilibrium price, buyers and sellers are satisfied with the quantity and price of the goods or services exchanged, and there is no incentive for either party to change their behavior. Therefore, the market is in a state of balance, and the price of the good or service is stable. In summary, a market equilibrium exists when the quantity demanded equals the quantity supplied at a specific price, and both buyers and sellers are content with the prevailing market conditions.