in consumption and . _ . As a result, the private market will likely A light house that warns ships about nearby rocks is, provide lighthouses. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. nonrival; nonexcludable; too few b nonrival; nonexcludable; too many c rival; excludable; the optimal amount of nonrival; excludable; too few

in consumption and . _ . As a result, the private market will likely A light house that warns ships about nearby rocks is, provide lighthouses. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. nonrival; nonexcludable; too few b nonrival; nonexcludable; too many c rival; excludable; the optimal amount of nonrival; excludable; too few

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter30: Market Failure: Externalities, Public Goods, And Asymmetric Information

Section: Chapter Questions

Problem 9QP

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Radio stations, tornado sirens, light houses, and street lights are all public goods in that all are nonrivalrous and nonexclusionary. Therefore why does the government provide tornado sirens, street lights and light houses but not radio stations (other than PBS stations)?
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Assume that radio broadcasts are nonrival and nonexcludable. Two people, Artie and Bill, listen to the same radio station during their commute. Each person values the radio station at $3$3 per day. Both Artie and Bill loathe listening to advertisements. Listening to advertisements makes Artie and Bill each worse off by $1.50$1.50 per day. The radio station needs $2$2 per day to continue operating, which it currently earns from advertisers ($2$2 per day is exactly what the airtime is worth to the advertisers). The radio station is considering asking for donations from Artie and Bill and getting rid of the advertising. Artie and Bill can choose to donate to prevent advertisements or not. If only one chooses to donate, he must donate the whole $2$2 to get rid of the ads. If both choose to donate, each pays $1.$1. Assume that both Artie and Bill are each trying to gain the most net benefit possible, and that they do not cooperate with each other. What is the socially efficient way to…
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