Please provide a detailed explanation of the following:a. What is meant by “Market Equilibrium”? Will the market equilibrium price change in response to: a) Surplus and b) Shortage. Discussb. Will the market always reach equilibrium? Discuss.c. Why do governments interfere with the market equilibrium price? And if so, Discuss and offer exampleGrading Rubrics.In your initial post, use the following grading rubrics1. Define the terms2. Explain the terms3. Offer an example to further illustrate your point4. Relate how this week’s Discussion is related to last week’s topic/assignments/material
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