Economic equilibrium involves the markets demand and supply both in quantity demanded and supplied and price being equal.there are some certain variables and factors that affect demand and supply and will shift the curve to the left or to the right.
3. EQUILIBRIUM INTRODUCTION
• A Competitive market is in equilibrium when the price has moved to a
level at which the quantity of a good demanded equals the quantity
of that good supplied.At that price, no individual seller could make
herself better off by offering to sell either more or less of the good
and no individual buyer could make himself better off by offering to
buy more of the good.in other words ,at the market equilibrium, price
has moved to a level that exactly buy more or less of the good.in
other words ,at the market equilibrium ,price has moved to a level
that exactly matches the quantity demanded by the consumers to the
quantity supplied by sellers.