1. The difference between fixed and variable costs and examples of each.
2. What would cause a shift inward on a supply curve? Outward?
3. What type of slope will a supply curve have?
4. What is the relationship between price and quantity supplied?
5. What is the difference between elastic, inelastic, and unit elastic?
6. Goods are consumed by whom in a free market economy?
7. What would happen to both price and quantity if technology improved production?
8. What is the difference between increasing and diminishing returns?
9. When do we see the beginning of diminishing returns?
10. Define:
    1. Marginal Cost
    2. Marginal Product
    3. Supply
    4. Law of Supply
    5. Supply Curve
    6. Supply Schedule
11. What is the formula for
    1. Marginal Cost
    2. Marginal Product
    3. Revenue
    4. Profit
12. What are the six factors that cause a change in supply?
13. Be able to look at item prices and quantities and determine if it is elastic, inelastic, or unit elastic.
14. Be able to read a scenario and determine which factor causes the change in supply.
15. Be able to completely graph a supply curve - title, increments and labels for the x and y axis, plotting the points given, connecting the points given, transferring your schedule, and neat
16. Be able to determine the marginal cost, revenue, profit, variable costs, and total costs based on the information provided.
17. Be able to determine the marginal product from a given scenario.
18. Be able to determine an example of movement along a supply curve from a given list.
19. Be able to read and interpret provided supply curves.