Here is the question related to business and economics.

Question 4 (13 marks)Suppose all firms in a perfectly competitive market are initially in both short-run and long-run equilibrium. A lump-sum tax (i.e. a tax that is unrelated to a firm's output) isintroduced. Answer the following questions and explain.a)What impact will this have on (i) cost; (ii) output and (iii) operation decisions of eachfirm in the short-run?(4 marks]laWhat impact will this have on the market price in the long-run?(3 marks)C)What impact will this have on each firm's output in the long-run?(3 marks)d)What impact will this have on the number of firms in the industry in the long-run?(3 marks)