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Short Run and Long Run

Short Run and Long Run

In the short run, at least one factor of production is fixed. A firm can raise output only by changing variable factors, such as hiring more labour while its factory size remains unchanged.

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

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

Step-by-step lessons on AQA A Level Economics 1.4.3 The law of diminishing returns and returns to scale (A-level only). Each one builds up to exam-style questions. Start with the core supply-and-demand models before moving on to the more evaluation-heavy macroeconomic policy topics.

Lessons