14. Determinants of Supply and Demand 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.Show the effect of the following event on the market for gas-powered small cars: People decide to have more children. O Supply Demand O Supply Price of Gas-powered Small Cars Demand Quantity of Gas-powered Small CarsShow the effect of the following event on the market for gas-powered small cars: The price of electric small cars falls. O Supply Demand O Supply Price of Gas-powered Small Cars Demand Quantity of Gas-powered Small CarsShow 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. O Supply Demand O Supply Price of Gas-powered Small Cars Demand Quantity of Gas-powered Small CarsShow the effect of the following event on the market for gas-powered small cars: An economic recession lowers people's wealth. O Supply Demand O Supply Price of Gas-powered Small Cars Demand Quantity of Gas-powered Small CarsShow the effect of the following event on the market for gas-powered small cars: A number of major car dealers decide to switch from selling gas-powered cars to selling electric cars. O Supply Demand O Supply Price of Gas-powered Small Cars Demand Quantity of Gas-powered Small Cars