Quiz

Quiz: Short-run vs Long-run Average Costs

Pearson Edexcel Level 3 Advanced GCE in Economics A (9EC0)

11 Steps9 Questions

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Let's build on what you've already learned about costs and test your understanding of short-run and long-run average costs!

Multiple ChoiceInteractive

What does the term 'short-run' mean in economics?

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Multi-SelectInteractive

Which of the following factors can lead to economies of scale in the long run? (Select all that apply)

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In the {{blank0}}, all factors of production are variable, but in the {{blank1}}, at least one factor is fixed.

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MatchingInteractive

Match the items on the left with their correct pairs on the right

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Math EquationInteractive

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Multiple ChoiceInteractive

What shape does a typical long-run average cost curve have?

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Fill in the BlankInteractive

Diseconomies of scale occur when average costs {{blank0}} as output {{blank1}}.

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typedAnswer

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MatchingInteractive

Match the items on the left with their correct pairs on the right

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Multiple ChoiceInteractive

What determines the shape of a firm's short-run average cost curve?

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