In a perfectly competitive market, which of the following conditions must be met for the market to achieve equilibrium?

In a perfectly competitive market, equilibrium is reached when the quantity of goods supplied equals the quantity of goods demanded. This means that the amount producers want to sell at a certain price matches exactly what consumers want to buy at that same price. For example, if farmers are selling apples and they decide to sell them at $1 each, and at that price, buyers want to purchase 100 apples while farmers are willing to sell 100 apples, the market is in equilibrium. If either side changes—like if more apples are supplied or fewer are demanded—the price would likely change until a new equilibrium is found. Therefore, the key condition for equilibrium is that supply and demand must balance each other out.