An op-amp achieves equilibrium through negative feedback, which stabilizes the output voltage by continuously adjusting the differential input voltage. When a step input is applied, the op-amp initially responds to the large differential voltage, driving the output toward a high value until the feedback reduces the differential input to a minimal level. This process involves a phase delay and can lead to overshooting or oscillation if not properly compensated. The equilibrium point is reached when the feedback current balances the input current, resulting in a stable output voltage that closely matches the desired gain. Understanding this behavior requires recognizing the interplay between feedback and the op-amp's internal characteristics, rather than relying on iterative models.