When the forces exerted on an object are balanced, the following occurs:

Newton's first law of motion states that unless an external force acts on an item, it will remain at rest or in uniform motion. If the forces are equal, there is no net force acting on the body. We will be able to answer this question by seeing what happens to the object if the net force is applied.

The object will be in equilibrium when the forces are balanced. However, we have no idea whether the object will be moving or not. The body will not accelerate if the net force is zero, but it will have velocity. That is to say, if the object was already moving at a certain speed, it will continue to move at the same speed, and if it was at rest, it will remain at rest.

Then, without knowing the object's previous state, we can't say whether it will be in motion or not. However, we've already established that if the net force is zero, the object's acceleration will be zero. If the forces are balanced, the item can lose its shape as well, however this is dependent on the nature of the object. As a result, we are unable to remark on the object's change in shape based on the information provided.

Hence, the correct option is (1).