Please consider a market in its equilibrium.

a.For the market equilibrium to be efficient (so no market failure), two conditions on the market are needed to be satisfied. Answer the two conditions. Write just few words for each. Do not write long expositions. Be careful; "No market failure" is not an answer.

b.Is there a cause for government intervention which is not efficiency-related? If so, answer it. If there is not such a cause, answer "None".