Equilibrium price is the price at which quantity

Equilibrium price is the price at which quantity demanded is equal to quantity supplied. In other words, it is the point where the demand and supply curves intersect. At this price, there is no excess supply or excess demand in the market, and the market is said to be in a state of equilibrium. If the price is set above the equilibrium price, then the quantity supplied will be greater than the quantity demanded, leading to a surplus. Conversely, if the price is set below the equilibrium price, then the quantity demanded will be greater than the quantity supplied, leading to a shortage. Thus, the equilibrium price is the point of balance in the market where both buyers and sellers are satisfied.