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1.3 Market failure

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Question 18

In 2023, a national maritime agency allocated £85 million to upgrade its coastal lighthouse network and satellite-based marine navigation beacons to prevent shipping collisions in busy sea lanes.

What are the defining characteristics of a pure public good, such as these marine navigation beacons?

Rivalrous and excludable

Non-rivalrous and non-excludable

Rivalrous and non-excludable

Non-rivalrous and excludable

1.3 Market failure Questions

  1. A Level
  2. /Economics
  3. /1.3 Market failure