From tutor2u comes this brilliant clip on a new, non-toxic fire retardent
http://www.tutor2u.net/blog/index.php/economics/comments/preventing-bush-fires-are-toxin-free-retardents-merit-goods/
a) What are the 2 conditions necessary for a good to be clasified as a merit good?
b) Does this good meet both criteria and so fall in to the catagory of a merit good?
c) How does the market for this fire retardent currently fail?
d) What actions could the Australian/Greek.....governments take to reduce the market failure?
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