An equilibrium condition exists if the state probabilities for a future period are the same as the state probabilities for a previous period.

Name: An equilibrium condition exists if the state probabilities for a future period are the same as the state probabilities for a previous period.
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Quizplus · Accepted Answer

In an equilibrium condition, the probabilities of moving from one state to another are balanced, resulting in the same state probabilities for future and previous periods.

An Equilibrium Condition Exists If the State Probabilities for a Future