5. Consider the competitive market for hotel rooms in Ann Arbor. Prior to the COVID-19 crisis the hotel markel wns in long-run equilibrium with no meenlives for entry and no resuscos for crit. Then The COVIll-19 crisis hit, starkly reducing consumer demand. How would you model the impact of The COVID-19 crisis in the short-run? (You can assume That in the short-run the supply curve for hotel rooms is upward sloping and demand is downward sloping, Le., neither are perfectly elastic nor inclmedic.) How would the demand and supply curves in this market he reeled? . Demand: chills out / chills in / does not chill / cannot be determined (cimde one) . Supply: chills out / chills in / dors not shift / cannot be determined (cincke one) How would price and quantity change after the COVIll-19 crisis hiler . Price: will be lower / will be higher / will be unchanged / cannot be determined (circle one) . Quantity: will be lower / will be higher / will be unchanged / cannot be determined (arde one)