What occurs when supply and demand requirements have been satisfied without creating shortages or surpluses?

The answer would be market equilibrium.

Market equilibrium happens when the demand of products is equal to the amount of supply. When it happens, the prices will remain constant and will not change. If there is a shift from either demand or supply, there is a tendency for the price to change depending on the demand and supply of the products.

manifest functions are the recognized and intended consequences of any social pattern, while latent functions are those unrecognized and unintended consequences. to analyze the manifest functions of any social institution, we have to study its contribution to the continuation of a group, community, or society.