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Words Limit: 300 or moreSubject- Business LawQuestion- On Market Failure - We thought that the rationale for public policy is either market failure or government failure. Address the subsequent with this rationale in minda. Describe market failure from the perspective of the economist as well as government failure from the perspective of the political scientist.b. Market failures are utmost commonly identified with negative externalities. Provide an instance of this phenomenon as well as a pro as well as con of government regulation as a corrective measure.c. Lastly offer an example of a public good and explain why it is a market failure. Be specific
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