Missing markets
Question 1
A new orbital motorway has been proposed for a major city, but there is
a debate about whether it is really needed and who should pay for it.
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Analyse the likely costs and benefits associated with this motorway.
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Consider alternative ways to fund the building and maintenance of this motorway.
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Since the late 17th Century lighthouses have helped ships safely navigate coastal waters at night
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Why are free markets unlikely to construct and maintain lighthouses?
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Explain how lighthouses could be funded without markets