In monopolistically competitive markets in long run equilibrium:
a. more than the efficient level of output will be produced because price exceeds marginal cost

When labor usage is at 12 units, output is 36 units. From this we may infer that

A) the marginal product of labor is 3. B) the total product of labor is 1/3. C) the average product of labor is 3. D) none of the above

Taxes can be justified if the government uses the revenue to (i) provide public goods such as national defense. (ii) clean up negative externalities such as water pollution. (iii) regulate a common resource such as fish in a public lake. (iv) provide goods with positive externalities such as medical research

a. (ii) only b. (ii) and (iii) only c. (i), (ii), and (iii) only d. (i), (ii), (iii), and (iv)