Ch. 5 Study Guide

1. According to the law of supply, what will happen to production as the price of a good goes higher?
2. What is the difference between supply and quantity supplied?
3. How does the quantity supplied of a good with a large elasticity of supply react to a price change?
4. What are production costs that do not change with the level of output?
5. How does the marginal product of labor change as more workers are hired?
6. What is the impact of diminishing marginal returns to labor?
7. Give an example of a fixed cost and a variable cost of a bakery.
8. How does a firm calculate marginal cost?
9. How does a subsidy affect supply?
10. How can regulation affect a producer’s output decisions?

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