Which of the following accurately describes market equilibrium?

It is when the price is such thatthe quantitysuppliedof a good or service is equal to the quantity demanded.

It is the difference between the actual price paid for a good and the highest amount the consumer would have paid.

It is the difference between actual payment for a good and the least amount a producer would have agreed to receive for the good.

It is dominance achieved over another company due to decreased opportunity cost, increased efficiency in process and lower marginal cost.