I. "All citizens of a country should be guaranteed the best healthcare possible irrespective of their income and wealth". Analyze this statement from point of point of view of scarcity and trade-off between efficiency and equality.

II. Considering that a controlled economy like China has been far more successful in dealing with the Corona Pandemic than a liberal economy like the US, would you say that this is a case of market failure? How does this pandemic represent an externality?

III. In Pakistan there have been news reports of private hospitals charging excessive prices to treat Corona patients. Is this a case of Market Power?