The existence of merit goods, demerit goods, and public goods are signs of market imperfection and signs of market failure. (i) What is market failure? ( 6 marks) How can market failure be dealt with? (14 marks) (20 marks Question 4 Explain with diagrams the following concepts: i. Gini Ratio (5 marks) ii. Lorenz Curve (5marks) iii. Laffer Curve (5 marks) iv. The law of diminishing marginal utility (5 marks) Total (20 marks)