Across the United States, government officials have threatened to prosecute sellers they deem to be taking advantage of consumers by charging higher prices during the COVID-19 pandemic. In some cases, those officials have followed through on those threats. Some analysts are critical of such policy responses to emergencies, both with respect to the short-run, intended consequences, and the less certain, longer run impacts on the operation of the market process. Other analysts view such policies as productive toward effecting other desirable consequences that override any concerns about efficiency and entrepreneurial discovery in the market

Compare and contrast the effects of non-monetary and monetary competition on consumer and producer surplus. (Hint: how do different forms of competition affect the gains from trade?) The question is intended to guide you. Write a coherent response rather than simply answering the question. Seek to use examples to illustrate the pints that you are making. Focus intently on the incentives.