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Most neighborhood streets are illuminated at night by streetlights.The streetlights are _____ and _____.Therefore,they are likely to be _____ by the competitive market.
A) nonrival;nonexcludable;underprovided
B) nonrival;nonexcludable;overprovided
C) rival;excludable;efficiently provided
D) nonrival;excludable;underprovided
Streetlights
Outdoor lighting fixtures installed along streets to provide illumination during the night for public safety and convenience.
Nonrival
A term used to describe a good whereby one person's consumption does not hinder or reduce the ability of another person to consume the same good.
Nonexcludable
A characteristic of a good where it is impossible, or costly, to exclude individuals from using the good once it has been provided.
- Acquire knowledge about the consequences of the private sector's handling of nonexcludable and nonrival goods leading to a breakdown in market functionality.
- Identify and elucidate the problem of excessive consumption and insufficient supply concerning shared resources and communal goods, respectively.
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Learning Objectives
- Acquire knowledge about the consequences of the private sector's handling of nonexcludable and nonrival goods leading to a breakdown in market functionality.
- Identify and elucidate the problem of excessive consumption and insufficient supply concerning shared resources and communal goods, respectively.
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