Market equilibrium refers to when a situation in the market's supply and demand are equal. Theequilibrium price of a service or item is the price which supply are demand are equal in the market. If amarket is in equilibrium than the price will not change unless there is an external cause that alters thesupply or demand, therefore causing the equilibrium to be disrupted. We show this equilibriumgraphically on the intersection of demand and supply curves.An example of when the market was not in equilibrium was after the Colonial Pipeline hack. In thissituation, there was more demand for oil than supply. Sometimes things happen unexpected that throwthe market equilibrium off balance. This happened in this situation because the oil pipeline was hackedand the company was unable to get oil which in turn affected people getting gas and there being a largedemand. To bring the market back to equilibrium the company had to fix the hacking issue, producemore oil which in turn provided more gas to the people