Under the Affordable Care Act (also known as Obamacare) a tax penalty was imposed on anyone who did not purchase health insurance or get insurance from another source. This “individual mandate” was considered necessary to make the health insurance market work, since without a penalty young and healthy people would avoid purchasing insurance, leaving only sick people who need to use the insurance in the market. Insurance costs per person would be pushed unaffordably high. The "individual mandate” was considered a way to remedy what kind of market failure?
1 moral hazard
2 asymmetric information with inadequate information about the seller 3asymmetric information with inadequate information about the buyer
4 adverse selection​
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