Quiz: Short Run vs Long Run in Production Decisions
AQA A level economics 7136 specification
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Building on what you've learned about production and productivity, let's test your understanding of short run and long run in production decisions!
In the short run, what is the key characteristic of production?
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Which of the following are true about the long run? (Select all that apply)
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In the {{blank0}}, firms can vary all inputs, while in the {{blank1}}, at least one input remains fixed.
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Match the items on the left with their correct pairs on the right
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If labour cost per unit is £50 and a firm hires 10 workers, what is the total labour cost?
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What is the main difference between short run and long run in production?
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Which inputs are typically fixed in the short run? (Select all that apply)
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Match the items on the left with their correct pairs on the right
The {{blank0}} is characterised by variable inputs, while the {{blank1}} includes at least one fixed input.
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