The validity of two fundamental concepts of classical chemical kinetics - the
notion of "Chemical Equilibrium" and the "Law of Mass Action" - are re-examined
for reversible \textit{diffusion-limited} reactions (DLR), as exemplified here
by association/dissociation A+A⇌B reactions. We consider a
general model of long-ranged reactions, such that any pair of A particles,
separated by distance μ, may react with probability ω+(μ), and
any B may dissociate with probability ω−(λ) into a geminate
pair of As separated by distance λ. Within an exact analytical
approach, we show that the asymptotic state attained by reversible DLR at t=∞ is generally \textit{not a true thermodynamic equilibrium}, but rather
a non-equilibrium steady-state, and that the Law of Mass Action is invalid. The
classical picture holds \text{only} in physically unrealistic case when
ω+(μ)≡ω−(μ) for any value of μ.Comment: 4 page