If perfectly competitive firms are maximizing their profit and are making an economic profit, the market ________ in a short-run equilibrium and ________ in a long-run equilibrium

What is the Coase Theorem? Under what conditions will the Coase Theorem break down?

What will be an ideal response?

Which of the following is NOT correct about the effects of a tariff on an imported product?

A) Tariffs benefit domestic producers by raising price and domestic output. B) Tariffs increase government revenue. C) Tariffs mean higher prices and less consumption for consumers of the product. D) Tariffs increase the efficiency of how resources are allocated.