Answer to Question 1
Goods like clean air and street lighting are public goods. This means that individuals can consume these goods even without paying for them as they are non-rival and non-excludable. Such goods present particular problems for markets to provide because consumers have an incentive to act as free-riders; they can consume public goods even if they do not pay for them. Therefore, the problem with efficiently providing public goods is that consumers aren't willing to pay for them because no one can be excluded from consuming them once they are provided.
Answer to Question 2
Rule of reason is the criterion introduced by the Supreme Court in 1911 to determine whether a particular action was illegal (unreasonable) or legal (reasonable) under the terms of the Sherman Act.
Wetlands Store and Clean Water
A slave market in Marrakesh, Morocco. This lithograph is from the 1800s.
As China has embraced its version of capitalism, wealth has grown, as has consumption. Luxury goods ...
With a three-way catalytic converter, emission control is most efficient with an air–fuel ratio ...
Shippers Declaration for Dangerous Goods
The Clean Development Mechanism allows developed countries