If tax revenues from a cigarette tax are used to pay for healthcare expenses related to lung cancer, the cigarette tax could be justified using the __________

If the government imposes a tax on a competitive market with no externalities, then i. resource use is not efficient. ii. there is a deadweight loss. iii. consumer surplus is at its maximum

A) ii only B) i and ii C) iii only D) i and iii E) i, ii, and iii

Given that the market wage rate is $50 and both the labor and the goods market are perfectly competitive, a profit-maximizing firm should hire an additional worker if:

A) the marginal product of the worker is 50 units. B) the value of marginal product of the worker is at least $50. C) the marginal product of the worker is less than 50 units. D) the value of marginal product of the worker is less than $50.