EXPLAIN the \"real world" application of each of the following, with EXAMPLES. Dene the tenn(s) in your own words and use examples that demonstrate your understanding of each concept. Missing examples will lead to missing points. The Law of Diminishing Marginal Utility( _/2) The Law of Demand ( _/2) The Law of Supply ( _/2) Normal Goods and Inferior Goods ( _/2) Resource Markets and Product Markets ( _/2) Consumers' Surplus and Producers' Surplus (12) Free-Market and Centrally Planned Economies gm) PWWUOP'? 4. Government Involvement Graphs: Describe a hypothetical situation for each of the listed situations. Draw a corresponding Supply/Demand Graph and shiftlchangc for each situation. A. Price ControlsPrice Ceiling ( ___/'2) B. Price ControlsPrice Floor ( _12) C. Import Quota ( ___/2) D. Subsidy ( _l2) E. Excise Tax ( _f2) In order to promote American production, Congress provides a subsidy to game producers. (Analyze only American rms) A large rm enters the game business with a new line of games. (Analyze the whole game industry) In order to make computer games available to low-income families, Congress sets a price ceiling for the games. . Draw and Label Equilibrium: . The Change: Shifter Supply or Demand Increase or Decrease . After. Price Quantity . Draw and Label Equilibrium: . The Change: Shifter Supply or Demand Increase or Decrease . After: Price Quantity . Draw and Label Equilibrium: . The Change: Shifter Supply or Demand Increase or Decrease . After: Price Quanti