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The term "equilibrium system" in the context of an ice/water bath refers to the balance between ice at temperatures below 0°C and water, which exists in a liquid state. In an ice/water bath, the two phases co-exist at a stable temperature point, specifically at 0°C under standard atmospheric conditions. At this temperature, for every bit of ice that melts to form water, an equivalent amount of water can freeze to form ice.

This balance is achieved when the rate of melting ice equals the rate of freezing of water, leading to a constant temperature, which defines the equilibrium condition. The presence of both states indicates that the system has achieved a point where the thermal energy is sufficient to sustain both the solid ice and the liquid water concurrently. Thus, there exists a dynamic equilibrium between the solid (ice) and liquid (water) phases, making option B the correct representation of an equilibrium system in this scenario.