Canadian red wheat is a normal good, in a perfectly competitive market which is in long run equilibrium. There occurs a boom in the economy- incomes rise. What effect does this have on the short run equilibrium? explain concisely the step-by-step process by which the industry returns to long run equilibrium. Answer should include the effects on the individual firms output and profit, as well as any industry-wide adjustments that take place. In addition, show answer graphically including the relationship between the firm and the industry.