Question For the resource “fossil fuels” – respond to the following: Provide a brief defin

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Question

For the resource “fossil fuels” – respond to the following:

Provide a brief definition of market failure.

Briefly describe how fossil fuels “policy-relevant” characteristics (Fossil fuels are non-substitutable. Fossil fuels are a rival resource. Fossil fuels are an excludable resource.) either do or do not give rise to some form of market failure.

Briefly explain the policy relevance or implications of these sources of market failure. Use a specific policy question or example. (How does this market failure impact what can or can't be done from a policy point of view? Are there specific things that can or should be done from a policy standpoint?)

Finally, since none of the eight resource types “provided by natural capital has all of the characteristics required for efficient allocation by the market”, what is the relevance of applying market concepts and analysis to the allocation of fossil fuels?

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