Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $5, what is the value of marginal product of the 4th worker?

Explain whether the market produces too little, too much, or the right amount of goods with (a) detrimental externalities and (b) public good characteristics.

What will be an ideal response?

Black markets can generally be eliminated when price ceilings are enacted.

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