1. Assuming the market for health care equipment and services (e.g., ventilators, masks, testing, etc.) operates like a perfectly competitive industry, explain what would be expected to happen to the market price (P) and industry output (Q) of health care equipment in a) the short run and b) the long run due to the outbreak of the Covid pandemic. Also, explain what would be expected to happen to economic profit for firms in health equipment industries in the a) short run and b) the long run, assuming perfectly competitive conditions.