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. Curve 3 is Outdoor Equipment's
A. marginal cost curve.
B. average variable cost curve.
C. average fixed cost curve.
D. average total cost curve.
Answer: D
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The slope of the production possibility frontier shows:
a. the marginal rate of substitution between the two goods. b. the relative marginal costs of the two goods. c. the efficient combination of outputs possible using fixed amounts of input. d. the relative marginal productivities of the two goods.
In a competitive labor market
a. wages would be determined by supply and demand. b. the demand curve for labor is derived like the demand curve for any other input. c. the demand curve for labor is the downward-sloping portion of the MRP curve. d. All of the above answers are correct.
Suppose you transfer $1,000 from your checking account to your savings account. How does this action affect the M1 and M2 money supplies?
A. M1 and M2 are both unchanged. B. M1 falls by $1,000, and M2 rises by $1,000. C. M1 is unchanged, and M2 rises by $1,000. D. M1 falls by $1,000, and M2 is unchanged.
If an individual perfectly competitive firm charges a price below the industry equilibrium price, it will
A. not sell anything. B. sell all that it produces and gain more revenue than competing firms will. C. sell all that it produces but gain less revenue than competing firms will. D. sell part of what it produces.