Equilibrium means the quantity supplied equals quantity demanded. What else does equilibrium mean?

Equilibrium means:

1. Stable state from where neither the seller nor the buyer wants to deviate.

2. It is the intersection point of the market supply and demand curves.

3. At this level, the seller's willingness to accept is the same as the buyer's willingness to pay.

4. It helps in determining the optional market price and market quantity.

5. It helps in estimating the true picture of the market.