1)Many market breakdowns result in either the demand or supply curve being incorrectly placed for the purpose of achieving socially optimal outcomes

1)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.

2.  For each of the economies below identify the closest type of market system that describes it.    

3. Use Google or an equivalent to read some more about Adam Smith.  Provide the link and briefly describe what additional information you learned.