Rare earth elements are important inputs for many industries. Assume that the market of rare earth elements in a particular country is perfectly competitive (free entry market). This country does not import or export any rare earth elements. The government is considering a proposal to add a tax on this market. You can ignore long- run effects and externality on other industries. a) Suppose that the government requires all producers in this industry to pay a perunit tax that equals a certain percentage of the market price in this industry (for example, 5% of price). Using relevant demand-supply analysis, think about the effect of the tax on the market price and total demand level. In particular, would such a tax increase or decrease the market price and the demand level? Please explain your