Using the following scenario, determine the type of market failure that is present, what the proposed government solution for that market failure would be, and shift the supply curve, demand curve, or both in the provided graph to show the desired equilibrium that the government intervention would have. Include your answer to the type of failure and proposed solution in a text box underneath the graph.
Scenario: A new type of lightbulb gets discovered that uses half the energy and lasts 10 times as long as a standard incandescent bulb. The invention could revolutionize lighting and reduce our energy output to boot. The problem is that no firm is willing to manufacture it because the long life of the bulb would prevent continual profits from their production.