The table below illustrates the bicycle market in Mersing. er unit 3 uanti dammed a) Use the above information to determine the equilibrium price and equilibrium quantity of bicycles. (2 marks) b) Now suppose the bicycle is sold at $500 per unit. Describe the market situation and adjustment. (4 marks) c) Now suppose the bicycle 1s sold at $200 per unit. Describe the market situation and adjustment. (4 marks)