Let's examine the statements:
I. If f '(c) = 0, then f has a local maximum or minimum at x = c.
f'(c) = 0 means that the slope of f(x) = 0 at x = c, so yes f has a local maximum or minimum at x = c...TRUE
II. If f is continuous on [a, b] and differentiable on (a, b) and f '(x) = 0 on (a, b), then f is constant on [a, b].
If f'(x) = 0 on (a, b), then f is neither increasing nor decreasing and thus is constant on [a, b]...TRUE
III. The Mean Value Theorem can be applied to f(x) = 1/x2 on the interval [−1, 1].
No, f is neither continuous nor differentiable at x = 0...FALSE