There are two types of equilibrium: physical and chemical. Physical equilibrium occurs when a system's physical state does not change over time, such as when a solid melts at a fixed temperature. Chemical equilibrium is reached when the rates of the forward and reverse reactions are equal and the concentrations of reactants and products remain constant. The equilibrium constant (K) is a ratio of product to reactant concentrations raised to their stoichiometric coefficients that remains constant at equilibrium. K can be used to determine whether the equilibrium favors reactants or products.