A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired; 32 when two workers are hired; 37 when three are hired; and 40 when four are hired. The farmer's product sells for $3 per unit and the wage rate is $13 per worker. The marginal revenue product of the second worker is

Refer to Figure 5-1. Suppose the current market equilibrium output of Q1 is not the economically efficient output because of an externality. The economically efficient output is Q2. In that case, the diagram shows

A) the effect of an external cost imposed on a producer. B) the effect of a positive externality in the production of a good. C) the effect of a negative externality in the production of a good. D) the effect of an external benefit such as a subsidy granted to consumers of a good.

The FDIC insures deposits in: a. all the commercial banks across the U.S

b. Federal Reserve member banks only. c. any banking institution that sells FDIC insurance. d. any banking institution that purchases FDIC insurance. e. any bank approved by the Fed.