The law of demand states that as price increases (decreases) consumers will
purchase less (more) of the specific commodity.
The law of supply is that producers will supply more the higher the price of the
commodity.
Market equilibrium occurs where supply equals demand (supply curve intersects
demand curve).
An equilibrium implies that there is no force that will cause further changes
in price, hence quantity exchanged in the market. This is analogous to a
cherry rolling down the side of a glass; the cherry falls due to gravity and
rolls past the bottom because of momentum, and continues rolling back
and forth past the bottom until all of its' energy is expended and it comes
to rest at the bottom - this is equilibrium [a rotten cherry in the bottom of a
glass].