Assume that the hotel industry sufficiently approximates a perfectly competitive industry such that we can select any firm in the industry (e.g., Marriott, Hilton, etc.) as a representative firm in the industry whose "output" (Q) is rented rooms and who charges a price for rooms (P) equal to the going market rate as determined by overall market supply and demand. Further assume that prior to the outbreak of the coronavirus, firms (hotels) were earning zero economic profit. Now suppose that the market demand suddenly and dramatically decreases due to the spread of Covid-19 (see article). Assuming the hotel industry is perfectly competitive, carefully explain in words how the decreased demand affects:

1. The price of the product in the short run and long run
2. Firm and industry output in the short run and long run
3. Firms' employment of labor in the short run and long run
4. The economic profits of firms in the short run and the long run
5. Whether or not the firm should shut down in the short run or leave the industry in the long run