ENTREPRENEURSHIP

Detailed explanation-1: -In microeconomics, economic equilibrium may also be defined as the price at which supply equals demand for a product, in other words where the hypothetical supply and demand curves intersect.

Detailed explanation-2: -Equilibrium is the point where demand for a product equals the quantity supplied. This means that there’s no surplus and no shortage of goods.

Detailed explanation-3: -MARKET EQUILIBRIUM. When the supply and demand curves intersect, the market is in equilibrium. This is where the quantity demanded and quantity supplied are equal. The corresponding price is the equilibrium price or market-clearing price, the quantity is the equilibrium quantity.

Detailed explanation-4: -The equilibrium price is the price at which the quantity demanded equals the quantity supplied. It is determined by the intersection of the demand and supply curves. A surplus exists if the quantity of a good or service supplied exceeds the quantity demanded at the current price; it causes downward pressure on price.