Step 1: Identify the condition for equilibrium.
The equilibrium condition in a multi-phase system is that the Gibbs free energy must be minimized, and the chemical potentials in both phases should be equal.
Step 2: Conclusion.
Thus, the correct condition is that the Gibbs energy should be minimized and the chemical potentials of the components are equal in both phases.
Final Answer: \text{(C) Gibbs energy of the system should be minimum and \( \mu_A^{\alpha} = \mu_A^{\beta}, \mu_B^{\alpha} = \mu_B^{\beta} \)}