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Question 1 10 pts The (perfectly competitive) market for widgets has the following supply and demand curves: Supply: P = 10 + (1/3)Q Demand: P = 100 - (1/2)Q Initially, the market is in equilibrium at a "price of and quantity of Suppose the COVID-19 outbreak results in the demand increasing to P = 120 - (1/2)Q, then as a result the new short-run equilibrium "price is and quantity is If the initial equilibrium was also a long-run equilibrium (i.e. before the shock) and the increase in demand is assumed to be permanent, then as a result in the longer term after the shock, "the number of firms will 'Hint: Your choices for this part are Stay the same Increase Decrease Note: Enter your quantity figures with NO decimal places. Enter your price figures with