A coastal municipality implements a GPS-linked marine weather broadcasting system. Once the broadcast is active, any vessel with a standard marine receiver can access the signal at no cost, and one vessel's use of the signal does not reduce the signal strength or availability for other vessels.
Which of the following correct economic classifications and associated market outcomes applies to this weather broadcasting system?
It is classified as a public good because it is non-excludable and non-rival, which leads to the free-rider problem and underprovision by the free market.
It is classified as a quasi-public good because it is non-rival but excludable, which leads to a missing market.
It is classified as a common pool resource because it is non-excludable but rival, which leads to the tragedy of the commons.
It is classified as a merit good because it has positive externalities in consumption, which leads to information asymmetry.
