Each instance that follows is an example of one of the four types of market failure discussed in this chapter. In each case, identify the type of market failure and defend your choice briefly.

a. Your fridge breaks down but, instead of fixing it, your repair man suggests that you buy a new fridge.

b. Your neighbor refuses to vaccinate his children for measles.

c. The public school in your district needs to be renovated, but the local government cannot spare any funds to renovate the building.

d. The banks of your country collectively increase their interest rates by 10 percent.