If firms are reluctant to raise prices and/or earn economic profit in response to the Covid outbreak, explain why the usual mechanism for achieving "allocative" (or social) economic efficiency in a perfectly competitive industry breaks down. What does Professor Romer recommend to improve "allocative" efficiency during the unusual circumstances created by the Covid pandemic? In your answer, be sure to explain what economists mean by "allocative" efficiency (see McEachern, pp. 182-83