Equilibrium price is another term for the level of pricing that is stable in a market and does not change over time. It is the point where the demand and supply for a product or service meet and the quantity of the product or service being supplied is equal to the quantity demanded. Equilibrium price is also known as the market clearing price or the 'fair' price. This is the price at which the buyers and sellers are willing to transact, and any change in the price will result in a change in demand or supply. It is important to note that equilibrium price is not necessarily the same as the 'ideal' price, as it is determined by the forces of market supply and demand.