Rick R. answered 08/02/19
Electrical engineering specialist, MSEE degree, EE practitioner
I am sorry, but your analysis is incorrect. Once the ball leaves the person's hand, it is never in equilibrium until it lands on the ground or the person catches it again. In particular, it is definitely not in equilibrium when it reaches the top of its path, where the velocity is momentarily zero.
Here's why:
The definition of equilibrium is that there is no net force acting on the object, as you state correctly. But, according to Newton's Second Law of Motion, a net force imparts an acceleration onto an object, NOT a velocity. So, the fact that the object's velocity is zero tells us nothing about whether there is or is not a force acting on the object. Notice that even though the velocity is momentarily zero, the change in velocity at that moment is most definitely NOT zero. How do we know that? Because the velocity is zero only for an instant in time, which means that it was not zero the instant prior and it will not be zero the instant after. Thus, the velocity is clearly NOT constant. As a result, the acceleration is NOT zero, and so the net force is NOT zero. And, therefore, the object is NOT in equilibrium.
Of course, this conclusion is based on the assumption that air resistance is negligible, and can therefore be ignored. If, on the other hand, you include air resistance, it is possible for an object in free fall to reach an equilibrium if you drop the object from a high enough starting point. At this equilibrium, the object is falling fast enough that the drag force caused by air resistance is exactly equal and opposite to the force of gravity, so that the net force is zero. But this equilibrium does not happen at the highest point in the object's trajectory, but rather at a point where the object is falling very rapidly.
BTW, once the object reaches this equilibrium, it is said to be traveling at its so-called "terminal velocity".