Given that the market for jeepney rides in Metro Manila, a competitive industry, was in a long-run equilibrium before COVID-19 spread in the Philippines. Upon implementation of the lockdowns, demand for jeepney rides went down. If the pre-pandemic base fare of one jeepney ride costs 8, explain what happens to the equilibrium price (base fare), equilibrium quantity (of jeepney rides), and profits (of jeepney drivers) in the short-run and in the long-run. Assume that the total costs of jeepney drivers remain the same.