On the Fourth of July, there is no fireworks display in the small town of Yankeeville, even though it would be efficient for such a display to be produced. Which of the following statements is correct?
a. The lack of a fireworks display in Yankeeville arises because of an externality.
b. The lack of a fireworks display in Yankeeville arises because the free-rider problem does not apply to goods such as fireworks displays.
c. In deciding not to produce a fireworks display in Yankeeville, private individuals and private firms made decisions that were privately irrational.
d. All of the above are correct.
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