In a dynamical system, multistability is the property of having multiple stable equilibrium points in the vector space spanned by the states in the system.
Bistability is the special case with two stable equilibrium points.
It is the simplest form of multistability, and can occur in systems with only one state variable, as it only takes a one-dimensional space to separate two points.
In economics and social sciences, path dependence gives rise to divergent directions of development.
Some path dependent processes are adequately described by multistability, by being initially sensitive to input, before reaching a stagnant state – for example market share instability, which can develop into a stable monopoly for one of multiple possible vendors.