all posts must have in-text citations and work Cited. You have enough information in our textbook to apply to this article so please find how to cite a chapter in a book for the Works Cited. Please read the following article from Bloomberg on 8/17/2023. https://www.bloomberg.com/features/2023- china-ev-graveyards/ https://www.bloomberg.com/features/2023- china-ev-graveyards/B> China's Abandoned, Obsolete Electric Cars Are Piling Up in Cities." Bloomberg.Com. www.bloomberg.com. https://www.bloomberg.com/features/2023-china-ev- graveyards/ E Accessed 22 Aug. 2023. Question and Instructions: Using evidence from chapters 2, 3, 4, 5 and 19 and outside sources; make an evidenced based argument answering the following compelling question (must answer all parts. market, what factors led to thousands of abandoned cars left across China? *Use evidence from research on all parts of the questions below to provide the foundation for the answer. A. Summarize the article and the market failure including the determinants of supply and demand and how the market failed. B. Define and apply the elements of government failure in this market. C. How do our economic choices impact the global environment? Book name is McConnell, C.R., Brue, S.L, & Flynn, S.M. Microeconomics 23 ed McGraw Hill LLC, Chapter 2: The Market System and the Circular Flow, Chapter 2 topic: Economic Systems, Laissez-Faire Capitalism, The Command System, The Market System, Characteristics of the Market System, Private Property, Freedom of Enterprise and Choice, Self-Interest Competition, Markets and Prices, Technology and Capital Goods, Specialization Use of Money, Active, but Limited, Government, Five Fundamental Questions, What Will Be. Produced? How Will the Goods and Services Be Produced? Who Will Get the Output? How Will the System Accommodate Change? How Will the System Promote Technological Progress? The "Invisible Hand" The Demise of the Command Systems, The Circular Flow Model, Households, Businesses, Product Market, Resource Market, How the Market System Deals with Risk, The Profit System, Shielding Employees and Suppliers from Business RISK, Benefits of Restricting Business Risk to Owners, Chapter 3: Demand, Supply, and Market Equilibrium Chapter 3 topic: Markets, Demand, Law of Demand, The Demand Curve, Market Demand, Changes in Demand , Changes in Quantity Demanded Supply, Law of Supply, The Supply Curve conomic system, Market Supply, Determinants of Supply, Changes in Supply, Changes in Quantity Supplied, Market Equilibrium, Equilibrium Price and Quantity, Rationing Function of Prices Efficient Allocation, Changes in Supply, Demand, and Equilibrium, Changes in Demand, Changes in Supply, Complex Cases, Application: Government-Set Prices, Price Ceilings on Gasoline, Rent Controls, Price Floors on Wheat, Chapter 4: Market Failures Caused by Externalities and Asymmetric Information Chapter 4 topic, Efficiently Functioning Markets, Consumer Surplus, Producer Surplus, Total Surplus and Efficiency, Externalities and Efficiency Losses, Deadweight Losses from Underproduction, Deadweight Losses from Overproduction, Externalities Government Intervention, Society's Optimal Amount of Externality Reduction, MC, MB, and Optimal Abatement, Shifts of the Abatement MB and MC Curves, Government's Role When Externalities Are, Present, Asymmetric Information, When Sellers Possess Private Information, When Buyers Possess Private Information, Chapter 5: Public Goods, Public Choice, and Government Failure Chapter 5 topic, Public Goods, Characteristics of Private Goods, Public Goods Characteristics, Optimal Quantity of a Public Good, Demand for Public Goods, Comparing MB and MC, Cost-Benefit Analysis, Quasi-Public Goods. The Reallocation Process, Public Choice Theory and Voting Paradoxes, Public Choice Theory, Revealing Preferences Through Majority Voting, Paradox of Voting, Median-Voter Model, Alternative Voting Mechanisms, supply-and-demand, Government Failure, Representative Democracy and the Principal-Agent Problem, Limited and Bundled Choice, Bureaucracy and Inefficiency, Inefficient Regulation and Intervention, Chapter 19: Environmental Economics Chapter 19 topic, Resource Supplies: Doom or Boom? Population Growth, Resource Consumption per Person, Energy Economics, Energy Efficiency Is Increasing, Efficient Electricity Use, Running Out of Energy, Plunging Photovoltaic Prices, Limitations on Solar Electricity Production, Multiple Oil Substitutes, Natural Resource Economics, Renewables vs. Nonrenewables, Optimal Resource Management, Using Present Values to Evaluate Future Possibilities, Nonrenewable Resources, Incomplete Property Rights Lead to Excessive Present Use , Application conflict minerals, Renewable Resources, elephant preservation, forest management, optimal fisheries management, polices to limit catch size