Traffic Lights and Traffic Police as economic agents.
Limited Resource - Roads and side walks.
Consumers - Motorists and pedestrian.
Price - Amount of time spent waiting at stop signal.
Higher the demand, higher the price (since supply of resource can't be improved immediately) - Higher waiting time during peak traffic hours (especially true in case of Bangalore traffic)
Limited Resource - Roads and side walks.
Consumers - Motorists and pedestrian.
Price - Amount of time spent waiting at stop signal.
Higher the demand, higher the price (since supply of resource can't be improved immediately) - Higher waiting time during peak traffic hours (especially true in case of Bangalore traffic)
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