chemical equilibrium

Reversible processes [processes which may be made to proceed in the forward or reverse direction by the (infinitesimal) change of one variable], ultimately reach a point where the rates in both directions are identical, so that the system gives the appearance of having a static composition at which the Gibbs energy, $G$ , is a minimum. At equilibrium the sum of the chemical potentials of the reactants equals that of the products, so that:

$Δ G r = Δ G r o + R T ln K = 0$

$Δ G r o = − R T ln K$

The equilibrium constant, $K$ , is given by the mass-law effect.

Source:

PAC, 1994, 66, 1077 (Glossary of terms used in physical organic chemistry (IUPAC Recommendations 1994)) on page 1114