The graph below represents the market for walnuts.Identify the values of the marginal benefit and the marginal cost at the output levels of 2000 pounds,4000 pounds and 6000 pounds.At each of these output levels,state whether output is inefficiently high,inefficiently low,or economically efficient. 
Definitions:
Consequential Damages
Indirect damages that do not flow directly from the act but occur as a consequence of the initial act, often involving loss of profit or other secondary losses.
Liquidated Damages
A pre-determined sum agreed upon by parties in a contract as compensation for breach of contract, where actual damages are difficult to ascertain.
Doctrine
A principle or body of principles presented for acceptance or belief by a religious, political, scientific, or philosophic group.
Quantum Meruit
“As much as he has earned.” A quasi-contractual remedy that permits a person to recover a reasonable price for services and/or materials requested, where no price is established when the request is made.
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