Answer the following question in the spaces provided below.

a. Are public libraries public goods or common resources? Explain using relevant economic concepts. 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?

ii. How does the Coronavirus vaccine create social benefits?

iii. Why is the market equilibrium not efficient in such situations?

iv. Explain how the government can intervene in the market for the Coronavirus vaccine, to achieve the social optimum.