The economic costs of COVID-19 and on the specific market failures that justify government intervention to mitigate inefficiencies. These government interventions/mechanisms include economic shutdowns, mandates on individual behavior (mask-wearing), testing, travel restrictions, and subsidies for vaccine development and treatment. The market failures that are emphasized are externalities, asymmetric information, public goods, market frictions, and uncertainty. 

Be specific about the market failure or failures. 

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The COVID19 pandemic has resulted in significant economic costs worldwide To understand the government interventions justified by market failures lets examine the specific market failures associated w... View the full answer