Describe the market failures that the congestion charge was designed to reduce b. Use a graph to describe the inefficiency of the market equilibrium before the charge. Label the axis and all the curves c. In the graph, show the effect of imposing a congestion charge. d. How large was the congestion charge in practice? Make sure that the congestion charge of the correct magnitude is explicitly labeled in the graph. e. How large was the effect of the congestion charge on cars in practice? Make sure that the effect of the correct magnitude is explicitly labelled in the graph. (Hint: Use Table 1 and focus on cars.) f. Was the congestion charge a good idea? Explain why and discuss the benefits and costs