1) Each instance that follows is an example of one of the four types of market failure (imperfect information, externalities, public goods, market power). In each case identify the type of market failure, and defend your choice briefly. a) An auto repair shop convinces you that you need a $2000 valve job, when all you need is an oil change. b) Everyone in the neighborhood would benefit if an empty lot were transformed into a park, but no entrepreneur will come forward to finance the development. c) Someone who lives in an apartment complex buys a Wayne Newton CD and then blasts it at full volume at 3:00 am. d) The only two airlines flying direct between St. Louis and Atlanta make an agreement to raise their prices