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The point where supply and demand intersect is the equilibrium point. This is the point where quantity demanded and quantity supplied are equal. The point where supply and demand intersect is the equilibrium point. This is the point where quantity demanded and quantity supplied are equal.
In a perfectly competitive market, excess supply is equivalent to the quantity available in the market beyond the equilibrium point of intersection between supply and demand. This will result in a shift in market equilibrium towards lower price points.