When market equilibrium occurs, quantity demanded is equal to quantity supplied, which means that both sellers and buyers get what they want. Does a market reach market equilibrium on its own, or is it necessary to have some sort of regulator to manage the price and ensure there is equilibrium? Explain your answer carefully.

Learning Resource: Chapter 5,6 ,7 &8 of the Textbook O'Sullivan, A., Sheffrin, S. M., & Perez, S.J. (2014). Survey of Economics: Principles, Applications, and Tools. (6th). Upper Saddle River, NJ: Pearson Education. Print version: ISBN-10: 0-13-294885-0 or ISBN-13: 978-0-13-294885-2. Digital version: ISBN-13:978-0-13-13-9370-7.

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