what is meant by equilibrium
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Equilibrium is the state in which market supply and demand balance each other, and as a result prices become stable. ... The balancing effect of supply and demand results in a state of equilibrium.
and :-
Chemical equilibrium, a condition in the course of a reversible chemical reaction in which no net change in the amounts of reactants and products occurs. A reversible chemical reaction is one in which the products, as soon as they are formed, react to produce the original reactants.
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