Using the combined supply and demand graph below for the normal good X, answer questions I - IV: (You need not reproduce the graph, the graph is presented here to help you visualize how the event affects the equilibrium price and quantity). Price of X Supply P E .......... Demand Good X Q Event: Consumers expect price of good X to rise in the future, other things unchanged: Question I: Will this event affect demand or supply? Question II: Will demand/supply increase or decrease? Question III: Will equilibrium price increase or decrease? Question IV: Will equilibrium quantity increase or decrease?QUESTION 27 Define what a price floor is and give an example of one. Briefly (no more than one paragraph) explain why do governments sometimes impose them? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac)