Market EquilibriumClass 12 Introductory Microeconomics MCQs

What is defined as a situation where the plans of all consumers and firms in the market match, and market supply equals market demand?

If, at a given price, consumers wish to purchase more of a commodity than firms are willing to sell, what market condition exists?

In a perfectly competitive market, what is the expected response of the 'Invisible Hand' when the prevailing price is above the equilibrium price?