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In the old days lighthouses were built along the coast to

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In the old days lighthouses were built along the coast to prevent ships from runnung around on the rocks in unfamiliar ports. By shining a beam of light over a port and guiding ships away from the rocks, these vital buildings reduced the risk for ship captains and were genrally considered to be extremely valuable resources. Curiously, lighthouses were almost always run and maintained by local governments. Explain in economic terms why private firms would not run a lighthouse.

Reference no: EM13378023

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