heeelp.3..8

Basic Demand and Supply analysis Show what happens in the short-run (within 1 year) when the following event occurs relative to a market for a normal good. Event: Tax on production. O Supply increase, while demand remains the same. Price decreases, but quantity increases. No change in demand and supply. Demand decreases, while supply remains the same, so price decreases and quantity decreases. O Supply decreases, while demand remains the same. Price increases, and quantity decreases. Demand increases, while supply remains the same, so price increases and quantity increases