At a price of £1.20, the quantity demanded is the same as the quantity supplied at 48,000 pints per week. At this price, the amount that consumers wish to buy is the same as the amount that producers wish to sell. This price is called the equilibrium price and the quantity being bought and sold is called the equilibrium quantity. The point of equilibrium can be seen on Figure 5.22 at the point where the demand and supply curves cross