(A) Suppose demand for surgical masks, groceries, and other household goods shifts upward due to a pandemic. Should the government impose price caps? Give a short analysis, including one or more diagrams. Be clear about what you're assuming the government's objectives to be, which market participants benefit or are harmed, and differences between the short run and long run.

(B)One more coronavirus question. Pick one example of how the current crisis is affected by an externality (positive or negative) and one example of how it is affected by asymmetric information. Explain how each example illustrates the particular type of market failure and discuss what measures could be taken to mitigate the problem.