Q3: Equilibrium (12P) Use this table for the following questions. Price Quantity demanded Quantity supplied 10 1,000 5,500 9 2,000 5,000 8 3,000 4,500 7 4,000 4,000 5,000 3,500 6,000 3,000 AU 7,000 2,500 8,000 2,000 N 9,000 1,500 10,000 1,000 a) State the definition of an equilibrium. b) What is the equilibrium price in the example above? c) At $10, what is the surplus? d) Describe the market mechanism that drives us back to equilibrium in case we are in a surplus