How is the market equilibrium measured/observed?

Question

How do companies/economists measure measure/observe the market equilibrium? And how do they know if the price at which a product is sold is the equilibrium price? How did they do this before computers and easy, fast communication?

In: 3

Answer 1

They don’t. Or at least I’ve never seen an example of it during my years studying for a degree. It’s an economic theory that sounds about right and can be ‘seen’ to exist. Measuring it? Not really.