Many market breakdowns result in either the demand or supply curve being incorrectly placed for the purpose of achieving socially optimal outcomes. For each of the following breakdowns, identify if the demand or the supply curve is misplaced and whether it is too far to the left or too far to the right.

a. External cost

b. External benefit

c. Public good

d. A product is viewed as more valuable than it really is.

e. Some peopl have very low income

d. A low level of competition