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In practice, there is a degree of aesthetics involved, rather than purely technical considerations. Additionally, using a bank of filters for an effect is sometimes refered to as equalization, even though it strictly isn't. One of the most direct uses of equlization is at a live event, where there are microphones and speakers operating simultaneously. An equlizer is used to ensure that there are no frequency bands where there is a round trip gain of greater than 1, as these are heard as audible feedback. Those frequencys are cut at the equalizer to prevent this.
An equaliser simply a device that allows for a frequency dependant gain. The most common type is a bank of band-pass filters, with a gain control for each band independantly. Normally, these bands are tight enough to give at least 3dB or 6dB maxium effect for neighbouring bands, and cover the range from around 20Hz to 20kHz (which is approximatly the range of human hearing). A simple equaliser might have bands at 20Hz, 200Hz, 2kHz and 20kHz, and might be reffered to as a 4 band equalizer. Typical equaliser for live microphone work might have as many as 24 or 32 bands.