At dynamic chemical equilibrium, the rates of the forward and reverse reactions are equal. This is why it's called a dynamic equilibrium – the reactions are still happening, but at the same rate in both directions, resulting in no net change in the concentrations of reactants and products.

Here's a breakdown:

* Forward reaction: Reactants are converted into products.

* Reverse reaction: Products are converted back into reactants.

* Equilibrium: The forward and reverse reaction rates are equal.

This means that the system appears static, but it's actually constantly changing as molecules are being converted back and forth. It's important to remember that equilibrium is not about the absence of change, but about a balance of change.