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What does it mean to have a market in equilibrium? How do changes in supply or price affect this equilibrium?

In microeconomics we are concerned about markets being in equilibrium. For this discussion post please respond to the following prompts.

What does it mean to have a market in equilibrium?
How do changes in supply or price affect this equilibrium?
Make sure to include an example to illustrate your ideas.
If necessary, complete additional research to support your ideas on this topic.

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