a. Are public libraries public goods or common resource?

Explain using relevant economic concepts.

(4 marks)

b. When externalities are present, the market equilibrium is not efficient. Therefore, governments need to intervene in the market to achieve the social optimum. Answer the following questions to explain the above economic idea using the corona virus vaccine as an example.

i. What is a social benefit?

(1 mark)

ii. How does the Corona virus vaccine create social benefits?

(1 mark)

iii. Why is the market equilibrium not efficie