3. On Market Failure - We said that market failure is the mainstream rationale for public policy. Using this premise, address the following: 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 externality. Include a pro and con of government policy as a measure to correct or cure the externality. d. Lastly, define public choice theory - provide an example