In the condition of market equilibrium. a. there is no shortage or surplus of goods and services . b. inflation is in check . c. there is a surplus of goods and services giving the consumer an advantage . d. suppliers feel free to increase prices .

Equilibrium is where the combination of one quantity and price is compatible with the intention of both sellers and buyers. The market price is the intersection of demand and supply curves. Quantity buyers will buy. A market reaches equilibrium when buyers have demand manner of raising prices and buys less. Sellers have supply manner of raising prices and supplying more. 

To have demand for a good or service, both of these factors must be present because for you to be able to own something someone has to give you the service to sell it to you and you have to be able to buy the good.