The conditions are explained below.
Explanation:
The market is said to be at equilibrium when the supply of a product in the market is equal to the demand of that product. Under this condition when supply is equal to demand, the equilibrium is achieved.
If we plot the supply and demand on a graph, then where the supply and demand lines intersect with each other, that would be the equilibrium point of the market.
The change in the supply and demand of the products or services will result in the change of the prices of the product or service and this is the condition when market equilibrium is not present.
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