Market Equilibrium

[!def] Market Equilibrium
Where demand equals supply, and there is no tendency for price or quantity to change

[!def] Equilibrium
A state in which opposing forces are balanced, system are stable

Market Disequilibrium

[!def] Market Disequilibrium
At the given price, demand does not equal to supply

[!def] Excess demand/Shortage
At the given price, more quantity is demanded than is supplied

[!def] Excess supply/Surplus
At the given price, more quantity is supplied than is demanded