The diagram below shows the supply and demand diagrams for the competitive market for honey in one region.MC0 represents private marginal cost and MB0 represents private marginal benefit. 
FIGURE 16-3
-Refer to Figure 16-3.Assume there are two types of firms in this region - beekeepers that produce honey and orchard keepers that produce peaches.The bees provide a benefit to the orchard keepers by pollinating their peach trees.We can say that there is a ________ externality in the production of honey.The curve ________ represents the ________ marginal benefit of honey.
Definitions:
Nominal Rate
The stated interest rate on a loan or investment, not accounting for compounding or inflation effects.
Present Value
The actual value of future money amounts or incoming cash flows, calculated using an established return rate.
Interest Payable
This refers to the amount of interest expense that has accrued but has not yet been paid by the company.
Periodic Bond Interest Payments
The regular interest payments made to bondholders during the life of the bond.
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