Tang company accumulates the following data concerning raw materials in making one gallon of finished product: (1) price—net purchase price $3.09 per pound, freight-in $0.77 per pound, and receiving and handling $0.35 per pound. (2) quantity—required materials 3.29 pounds, allowance for waste and spoilage 0.67 pounds. required: compute the following. (round answers to 2 decimal places)a) standard direct materials price per gallon. b) standard direct materials quantity per gallon. c) total standard materials cost per gallon.

Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact thatmr=mc at the optimal quantity for each firm. furthermore, a monopolistically competitive firm's average total cost in long-run equilibrium isless than the minimum average total cost. true or false: this indicates that there is a markup on marginal cost in the market for engines. true false monopolistic competition may also be socially inefficient because there are too many or too few firms in the market. the presence of the externality implies that there is too little entry of new firms in the market.