Question: Q6. (a) Carefully explain the terms 'non-rivalry' and 'non-excludability'. Provide an example of a good with both characteristics. (5 marks) (b) Information asymmetry is detrimental

Q6.

(a) Carefully explain the terms 'non-rivalry' and 'non-excludability'. Provide an example of a good with both characteristics. (5 marks)

(b) "Information asymmetry is detrimental for decision-making in the marketplace and hence is a market failure." Provide an example to illustrate this. Then suggest a policy that is used to address this problem. (5 marks)

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