Q.An equilibrium constant of $3.2 \times 10^{-6}$ for a reaction means, the equilibrium is

The size of $K_C$ is a direct, quantitative measure of how far a reversible reaction has proceeded toward products by the time it reaches equilibrium at a given temperature -- distinct from how fast it gets there, which $K_C$ says nothing about.

A large $K_C$ (a rule of thumb: greater than about $10^3$) means the reaction reaches equilibrium having converted nearly all the reactants into products -- the forward reaction is strongly favoured, and $[\text{Products}]\gg[\text{Reactants}]$ at equilibrium. A small $K_C$ (less than about $10^{-3}$) means the reverse reaction is favoured -- the forward reaction makes very little progress, and $[\text{Products}]\ll[\text{Reactants}]$. A $K_C$ in between, roughly $10^{-3}$ to $10^3$, means neither direction dominates -- significant, comparable amounts of both reactants and products coexist at equilibrium. …