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Suppose that there is an increase or an expected increase in personal income taxes in the local retail market for steak meals at upscale restaurants,
Suppose that there is an increase or an expected increase in personal income taxes in the local retail market for steak meals at upscale restaurants, ceteris paribus. Assume that this is a normal good, that this is a perfectly competitive market, and that demand and supply in this market are neither perfectly elastic nor perfectly inelastic. Given this information and under these assumptions, this change or expected change in this market would most likely shift the curve to the , causing market price (P) to and market quantity (Q*) to , causing consumer surplus to , causing producer surplus to , and causing total surplus to
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