The BBC reports that new regulations governing toy safety are due to be unveiled by the European Commission.
< http://www.bbc.co.uk/mediaselector/check/player/nol/newsid_7200000/newsid_7208300?redirect=7208309.stm&news=1&nbram=1&nbwm=1&bbwm=1&bbram=1&asb=1 >
a) What type of market failure is the toy market?
b) How would the toy market fail if left to the free market?
c) What actions is the EU taking to reduce this market failure?
d) Draw a diagram to show the effect of the EU action on the market
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