That doesn't mean that this happens to be an equilibrium. An equilibrium suggests that a system is stable.

Trump realized a huge number of voters were in (a)

After reading the article of his ghostwriter I'm not sure that's true. It seems more likely to me that Trump is a psychopath in the clinical sense who actually lies all the time and couldn't simply switch to being truthful.

The suggestion that Clinton lied in the email scandal is also illustrative that lying isn't something she does all the time but only when she thinks she needs to. With Trump that's very different. Take the lie about him opposing the Lybia invasion. Would have any other Republican that was running.

Trump tells that lie so convincingly that even Peter Thiel alluded that differences in handling Lybia were a reason for supporting Trump in his speech.