What is the term that describes a price at which there is no surplus or shortage?

• Answer is Equilibrium Price

The point of intersection of the supply and demand curve is known as equilibrium. At this point, the demand for a given quantity of a product is the same as the quantity that suppliers are willing to make available in the market. Equilibrium price means that the price at which goods are supplied and demanded is the same or equal. Above the equilibrium, quantity supplied increases, while below the equilibrium the quantity supplied reduces. Also, above the equilibrium, the quantity of a product that is demanded reduces while below the equilibrium the quantity demanded increases in the market. The equilibrium price suits the expectations of the consumer and the supplier.