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detailed answers please. I do not want previous answers given. a) Explain what is meant by the term 'market failure'. (5 marks) b) With the

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detailed answers please. I do not want previous answers given.

image text in transcribed
a) Explain what is meant by the term 'market failure'. (5 marks) b) With the use of appropriate examples, explain the following sources of market failure. Public goods i1. Externalities Monopolies or Imperfect market iv. Poor market information (ignorance and uncertainty) V . Immobility of factors of production (25 marks) c) Identify and explain the government policies that can be used to address each of the causes of market failure in (b) above. (15 marks) d) The Corona virus has resulted in several externalities - both positive and negative. Explain two (2) positive and two (2) negative externalities of outbreak of Coronavirus. (20 Marks)

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