the significance of chemical equilibrium in chemical reactions, and how does it influence reaction outcomes? Explain the concept of dynamic equilibrium, where the rates of the forward and reverse reactions are equal, leading to a stable concentration of reactants and products. Discuss Le Chatelier's principle, which states that a system at equilibrium responds to changes in temperature, pressure, or concentration by shifting its equilibrium position to counteract the change. Additionally, explore the practical applications of chemical equilibrium principles in industries such as pharmaceuticals, where optimizing reaction conditions is crucial for maximizing product yields and minimizing waste.