Discussion Question #1: Market Failures Caused by Externalities & Asymmetric Information

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DQ #1:

Asymmetric information describes a situation where one party to a market transaction has more information about a product or service than the other. What information does a government need if it wants to attempt to reduce a widespread negative externality like COVID-19? Who, typically, is actually in possession of that information? How does the public health infrastructure and market solve the asymmetric information problems(under or over-allocation of resources) affecting the production of Personal Protective Equipment (PPE) and distribution of vaccines, when available?