When economy is in equilibrium:

While maximum output might be a goal for an economy, equilibrium does not necessarily mean that output is at its maximum level. Instead, equilibrium indicates a state where there are no forces prompting an increase or decrease in production, which can occur at various output levels depending on market conditions.

Equilibrium does not imply that inflation is zero; rather, it indicates that the economy is stable at a certain price level. Inflation can be present in an equilibrium state if demand is increasing faster than supply, leading to rising prices, or it can be absent if the economy is experiencing stagnation.

Equilibrium does not require unemployment to be zero. Even in an equilibrium state, there can be frictional and structural unemployment present. The economy can be in equilibrium while still having individuals temporarily out of work as they transition between jobs or as industries evolve.