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Flashcards·7.5.4 long-run cost function
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What changes about factors of production in the long run?

A

All factors of production remain fixed, regardless of plant scale.

B

Land and labour factors are variable, while capital fixes plant scale.

C

All factors of production are variable, allowing any plant scale.

D

Only variable factors of production can change, while plant scale remains fixed.

Card 1 of 20

7.5.4 long-run cost function Flashcards

  1. Intl A Level
  2. /Economics
  3. /7.5.4 long-run cost function

20 flashcards on CIE Intl A Level Economics 7.5.4 long-run cost function: the key terms and definitions you need to recall.

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