1. What is the difference between technology and technological change?

2. What is the difference between the short run and the long run?

3. Distinguish between a firm's fixed costs and variable costs. Give an example of each.

4. How does specialization and division of labor typically affect he marginal product of labor?

5. What is the law of diminishing returns? Does it apply in the long run?

6. What is the difference between the average cost of production and the marginal cost of production?