If the quantity demanded exceeds the quantity supplied in a market, then the result is which of the following?

In the above figure, the marginal cost of the second ton of wheat is

A) $25. B) $50. C) $75. D) none of the above

Answer the following statement(s) true (T) or false (F)

1. Governments should avoid investing in education because it has little impact on productivity or economic growth. 2. Rapid population growth can negatively impact per capita output. 3. The law of diminishing marginal returns means that population growth can result in workers with insufficient capital. 4. A larger population means a larger labor force, greater production, and higher standards of living for the average worker. 5. With a higher population growth rate comes greater capital stock per worker.