In the diagram below, D$_1$ and S$_1$ are, in the absence of government intervention, the market demand and supply curves for a vaccine. The demand curve D$_2$ shows how much of the vaccine would have been demanded if the external benefits could have been captured by the market.
The diagram illustrates that there is a misallocation of resources because in a free market
1 )
the price of the vaccine is too high.
2 )
there is excess demand equal to (Q$_3$ – Q$_1$).
3 )
there is under-consumption of the vaccine equal to(Q$_3$ – Q$_1$).
there is under-production of the vaccine equal to (Q$_2$ – Q$_1$).
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