A market is in equilibrium when a product's demand is equal to supply. As a result, neither an excess nor a shortage of products exist.
An economic equilibrium is said to exist when all market factors are in harmony. Without external inputs, economic variables largely stay at their equilibrium values. There are two different types of equilibrium: microeconomic and macroeconomic. Supply and demand among sellers and buyers are balanced in microeconomics.
Equilibrium is essential for a marketplace to be both effective and balanced. As long as the quantities offered and sought are in balance, a market cannot deviate from its equilibrium price.
To know more about equilibrium visit:
https://brainly.com/question/28527601
#SPJ4
