Consider the market for gas-powered small cars. Assume gas-powered small cars are a normal good. For each of the following events, identify which of the determinants of demand or supply are affected. If demand is unaffected by this event because it creates only a supply change, select the “None” option under the “Demand Determinant” column. Similarly, if supply is unaffected by this event because it creates only a demand change, select the “None” option under the “Supply Determinant” column. Event Demand Determinant Supply Determinant People decide to have more children.           The price of electric small cars falls.           The discovery of a new source of iron ore lowers steel prices.           An economic recession lowers people’s wealth.           A number of major car dealers decide to switch from selling gas-powered cars to selling electric cars.               Show the effect of the following event on the market for gas-powered small cars: People decide to have more children.   DemandSupplyPrice of Gas-powered Small CarsQuantity of Gas-powered Small CarsDemand   Supply      Show the effect of the following event on the market for gas-powered small cars: The price of electric small cars falls.   DemandSupplyPrice of Gas-powered Small CarsQuantity of Gas-powered Small CarsDemand   Supply      Show the effect of the following event on the market for gas-powered small cars: The discovery of a new source of iron ore lowers steel prices.   DemandSupplyPrice of Gas-powered Small CarsQuantity of Gas-powered Small CarsDemand   Supply      Show the effect of the following event on the market for gas-powered small cars: An economic recession lowers people’s wealth.   DemandSupplyPrice of Gas-powered Small CarsQuantity of Gas-powered Small CarsDemand   Supply      Show the effect of the following event on the market for gas-powered

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