Answer:
Equilibrium is reached when demand equals supply.
Explanation:
Demand is the amount that consumers want and can buy of a certain product or service in a specific period of time and at a certain price. On the other hand, the supply is the amount that producers want and can sell of a certain product or service in a specific period of time and at a certain price.
In market equilibrium, the quantity demanded of the product or service equals the quantity supplied, so the price also equals. In other words, when market equilibrium is reached, demand and supply are the same, with their corresponding equilibrium price and quantity.
Two situations can occur:
Equilibrium is reached when demand equals supply.
