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People enjoy outdoor holiday lighting displays and would be willing to pay to see these displays but can't be made to pay
People enjoy outdoor holiday lighting displays and would be willing to pay to see these displays but can't be made to pay. Because those who put up lights are unable to charge others to view them, they don't put up as many lights as people would like. This is an example of a _____.
Expert Solution
The answer is: This is an example of a Demand-side market failure
Explanation:
The demand-side market failure is defined as a situation when it is not possible to impose charge on customers for what they are likely to pay for the products and services. In the above case, it is the example of a demand-side market failure as people wish holiday lightening and ready to pay for it, but it cannot be discovered and cannot possible to charge for that.
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