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Card 1 of 30

What defines the short run?

A

At least one factor of production is fixed.

B

All factors of production are variable.

C

The firm has produced output for less than one year.

D

All factors of production are fixed.

Card 1 of 30

1.4.3 The law of diminishing returns and returns to scale (A-level only) Flashcards

  1. A Level
  2. /Economics
  3. /1.4.3 The law of diminishing returns and returns to scale (A-level only)

30 flashcards on AQA A Level Economics 1.4.3 The law of diminishing returns and returns to scale (A-level only): the key terms, economic models and case studies you need to recall for Paper 1, Paper 2 and Paper 3.

Flashcards