The market price for almonds increased by 9.2% between 2016 and 2017, creating the largest premium over corn that had existed in 29 years. Assuming that the almond market is perfectly competitive and all almond producers are identical, identify whether each of the following statements are true or false and briefly explain your reasoning.

1. In the short-run, the increased market demand for almond will cause the demand curve facing individual almond farmers to become more inelastic in the short-run.
2. As a result of the increase in the market demand for almonds, the demand curve facing an individual almond farmer will shift upward in the short-run resulting in an increase in profits for existing almond farmers.
3. In the long-run, the market supply curve for almonds will shift to the right and the economic profits for almond farmers will be equal to zero in the long-run.