Question: What is the free-riding problem? Explain why a group presentation/project in a university course like ours can be subject to free-riding problem. (i) Explain

What is the free-riding problem? Explain why a group presentation/project in a university course like ours can be subject to free-riding problem. (i) Explain why measures taken by individuals for prevention of COVID-19, such as wearing surgical masks in public places and avoiding close physical contact with others, involve positive externalities. (Hint: Explain what benefits and costs are private and what are external.) (ii) Following part (i), some people claimed that individuals can judge themselves what they should do to prevent the disease in an optimal way and therefore, government rules are not necessary. Do you agree? Explain your answers.

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