Using the example below, evaluate the effect of government intervention on economic efficiency, equality, market growth, and individual freedom. Provide an alternative solution. Clean Air Act Background: In the 1960s, smog and air pollution had become a major problem in many cities in the United States. The burning of fossil fuels by industry and vehicles was a major contributor to the problem. However, at the time, there were no federal regulations in place to control the emissions of these pollutants. Argument for Government Intervention: The government intervention in the form of the Clean Air Act of 1970 was justified due to the presence of externalities. The burning of fossil fuels by industry and vehicles created negative externalities, such as air pollution, that negatively impacted the health and well-being of individuals in the surrounding communities. As a result, it was argued that the government had an obligation to regulate the emissions of these pollutants to protect public health and welfare. Implementation: The Clean Air Act of 1970 established national air quality standards and required states to develop plans to meet those standards. It also provided funding for research and development of new technologies to reduce emissions. The Act also gave the Environmental Protection Agency (EPA) the authority to regulate emissions from stationary sources, such as power plants, and mobile sources, such as vehicles. Results: The Clean Air Act of 1970 has been successful in reducing air pollution and improving air quality. According to the EPA, since 1970, the levels of the six principal pollutants in the air have dropped an average of 70%. The Act has also saved thousands of lives each year, and prevented many illnesses, by reducing exposure to pollutants such as particulate matter and ozone. Address each of the following in your post: Introduction: What is the policy's goal? How is the policy enforced? What are the costs and benefits of the policy? How does the policy affect different groups in society? What are potential unintended consequences of the policy? How does the policy compare to alternative policy options? Economic Efficiency: How does the policy affect production and consumption of goods and services? How does it affect the allocation of resources? How does it affect the overall economy? Equality: How does the policy affect different groups in society? How does it affect income distribution? How does it affect the distribution of environmental benefits and costs? Growth: How does the policy affect economic growth? How does it affect investments and innovation? How does it affect the competitiveness of the economy? Individual freedom: How does the policy affect the rights and choices of individuals? How does it affect the ability of individuals to pursue their goals and aspirations