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Question 1 5 pts Consider the perfectly competitive market for pineapples, which is in long- run equilibrium. Now income increases (we may assume that pineapples are a normal good). As a result, we would expect that The long-run quantity produced by each firm increases The long-run profit for each firm increases The short-run profits increase The short-run quantity for each firm stays the same D Question 2 5 pts Consider the perfectly competitive market for steel, which is in long-run equilibrium. Now the demand for cars, for which steel is an essential input, decreases. As a result, we would expect that in the market for steel The quantity produced by the individual firm will increase in the short-run. Firms will enter the market in the long-run Profits will increase in the long-run O The market quantity will decrease in the long-run Q Search or enter website name