Chemical equilibrium is a state where 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 measure of the position of equilibrium and is calculated by dividing the concentrations of products by reactants. Le Châtelier's principle states that if a stress is applied to a system at equilibrium, the equilibrium will shift in a direction that counteracts the applied stress. Changes in concentration, pressure, volume, and temperature will shift equilibrium but not change K, while addition of a catalyst will not shift or change equilibrium.