When the quantity demanded equals the quantity supplied—when buyers' and sellers' plans are consistent. (p. 95)
the situation in which the price is equal to the equilibrium price and the quantity traded equals the equilibrium quantity.
the point at which demand for goods and services equals the supply; often described in terms of the level of prices, determined in a competitive market, that "clears" the market
The dynamic balance between supply and demand under a given set of conditions in a "free" market (one with no monopolies or government interventions).