Refer to the information provided in Figure 8.6 below to answer the question(s) that follow. 
Figure 8.6 Refer to Figure 8.6. The vertical distance AB is Outdoor Equipment's
A. total cost.
B. marginal cost.
C. total fixed cost.
D. average fixed cost.
Answer: D
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The bottom of the supply chain contains ________ and is referred to as the ________ end of the chain.
A) finished goods; downstream B) raw materials; upstream C) finished goods; upstream D) raw materials; downstream
Production of a good produces pollution that is very damaging with each additional unit. A monopoly facing a very elastic demand curve will most likely produce
A) less than the social optimum of the good. B) more than the social optimum of the good. C) the social optimum of the good. D) no externality.
Assume the market is in equilibrium in the graph shown at demand D and supply S1. If the supply curve shifts to S2, and a new equilibrium is reached, which of the following is true?
A. Consumer surplus decreases, but producer surplus increases. B. Both consumer and producer surplus decrease. C. Both consumer and producer surplus increase. D. Consumer surplus increases, but producer surplus decreases.
Your purchase of a Gucci purse made in Italy would be classified as:
A. an export. B. an investment good. C. a durable good. D. an import.