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Part-1. Concept Check Questions. Please answer following questions very briefly in a few words. (40 Marks) 1. A firm must employ more of what type of resources in order to produce more output in the short run? 2. Imagine you are drawing a total product curve. While moving along the total product curve, what is assumed to be held constant? 3. The change In total product divided by the increase in labor is termed as 4. At a furniture factory, two workers can make 14 chairs in an hour and three workers can make 18 chairs in an hour. What is the marginal product of the third worker? What is the average product? 5. Considering different costs occurring at a typical firm, what type of cost will first decrease and then increase as the firm increases its output? 6. When both supply and demand are elastic, what will be the impact on price if supply decreases? 7. Considering different costs occurring at a typical firm, what type of cost always decreases when output increases? 8. The cost curve is a horizontal straight line starting at some positive value along the vertical axis