What is Supply and Demand market equilibrium? What factors cause a change in equilibrium?

The supply and demand market equilibrium can be defined as the type of equilibrium that is achieved when the amount demanded in the market is equal to the amount that is supplied to the market where the price is in equal measure compared to the equilibrium price and the quantity is as well equal to the equilibrium quantity.

There are several factors that can cause a change in the equilibrium and they can include the following;

a) A decrease in the prices of complement goods

b) An increase in the price of the substitute goods

c) An increase in income earned

This will possibly result in two effects which are either the lowering of the equilibrium price or an increment in the equilibrium quantity in the case of the rightward shift of supply.