3. 011 Market Failure- We said that market. failure is the mainstream rationale for public policy. Using this premise, address the following: \\ a. Provide a clear definition of market failure and public policy - be specific. -.b. Provide an example of a public good as a result of or response to market failure. What are the Consequences of public goods? Explain. c. Provide an example and illustration of a positive and negative extemality. Include a pro and con of government policy as a measure to con-ect or cure the externality. d. Lastly, define public choice the0ly - provide an example