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and enterprise, so no factor remains fixed."},{"text":"Only labour varies, while capital remains fixed.","correct":false,"explanation":"This describes a short-run situation, where at least one factor is fixed. The correct answer is that all factors of production vary together in the long run."},{"text":"Only capital varies, while labour remains fixed.","correct":false,"explanation":"Labour can also be adjusted over a sufficiently long period, so treating it as fixed confuses long-run production with short-run production. All factors of production vary together."},{"text":"No factors of production vary because inputs are fixed.","correct":false,"explanation":"Inputs are not permanently fixed in the long run; the firm can change its resources and production capacity. All factors of production vary together."}]},{"id":"527e42c5-f744-452e-a44f-ee473f84bb0c","cardType":"basic","points":1,"front":"What can a firm alter because no factor is fixed in the long run?","back":"Its whole scale of production.","mcqOptions":[{"text":"Its whole scale of production.","correct":true,"explanation":"Since every factor can be changed in the long run, the firm can expand or reduce its entire production capacity rather than adjusting only variable inputs."},{"text":"Only its labour force.","correct":false,"explanation":"Changing labour alone is a typical short-run adjustment when other factors remain fixed. In the long run, the firm can alter its whole scale of production."},{"text":"Only its selling price.","correct":false,"explanation":"Price changes do not describe the production capacity adjustment made possible when no factor is fixed. The firm can alter its whole scale of production."},{"text":"Only its level of stock.","correct":false,"explanation":"Stock can change without changing the firm's productive capacity, so this is too narrow. The absence of fixed factors allows the firm to alter its whole scale of production."}]},{"id":"ddd42ed8-d5dc-4452-bf77-6bca925a6c79","cardType":"basic","points":1,"front":"What determines output changes in the long run?","back":"The scale of all inputs, not fixed-factor effects.","mcqOptions":[{"text":"The scale of all inputs, not fixed-factor effects.","correct":true,"explanation":"Long-run output depends on changing the quantities of all inputs, because the firm has time to adjust every factor. Fixed-factor effects belong to short-run analysis."},{"text":"The quantity of labour, not fixed-factor effects.","correct":false,"explanation":"Labour is only one input and cannot alone determine long-run output changes. The correct focus is the scale of all inputs, since every factor can vary."},{"text":"The scale of fixed inputs, not variable-factor effects.","correct":false,"explanation":"There are no permanently fixed inputs in the long run, so this reverses the distinction between the two time periods. Output is determined by the scale of all inputs."},{"text":"The level of demand, not input changes.","correct":false,"explanation":"Demand may influence desired production, but the production function concerns how inputs create output. In the long run, output changes depend on the scale of all inputs."}]},{"id":"e88f0501-db23-4857-bc2e-2fc5b408fcae","cardType":"basic","points":2,"front":"Why does the law of diminishing returns not apply in the long run?","back":"No factor is held fixed.","mcqOptions":[{"text":"No factor is held fixed.","correct":true,"explanation":"Diminishing returns examines adding variable inputs to at least one fixed factor. In the long run, all factors can change, so that fixed-factor condition does not apply."},{"text":"All factors are held fixed.","correct":false,"explanation":"Holding every factor fixed would prevent output from changing and does not describe long-run production. The law does not apply because no factor is held fixed."},{"text":"Labour productivity always rises.","correct":false,"explanation":"Long-run analysis does not guarantee continuously rising labour productivity. The relevant reason is that no factor is held fixed, removing the condition needed for diminishing returns."},{"text":"Technology eliminates scarcity.","correct":false,"explanation":"Technological progress may affect productivity but does not explain the time-period distinction. Diminishing returns does not apply because no factor is held fixed in the long run."}]},{"id":"8af019d3-f52d-4af8-ac2f-852a2330e5d9","cardType":"basic","points":2,"front":"What determines how long a firm's long run lasts?","back":"Industry conditions, especially how quickly plant can change.","mcqOptions":[{"text":"Industry conditions, especially how quickly plant can change.","correct":true,"explanation":"The long run is defined by the time needed to adjust all inputs, so industry-specific conditions matter. A key factor is how quickly plant capacity can be changed."},{"text":"Consumer preferences, especially how quickly tastes change.","correct":false,"explanation":"Changing preferences may affect demand but does not determine how quickly a firm can adjust its inputs. Industry conditions, particularly the speed of plant changes, determine the period."},{"text":"The firm's advertising budget, especially how quickly promotion can change.","correct":false,"explanation":"Advertising can be altered relatively quickly and is not the main constraint defining the long run. Industry conditions and the time needed to change plant are decisive."},{"text":"The firm's accounting year, especially when annual reports are prepared.","correct":false,"explanation":"An accounting period is an administrative convention, not the time required to vary all production inputs. Industry conditions, especially plant adjustment speed, determine the long run."}]},{"id":"e9fbc1e0-ca87-4db8-a098-08f0427b3490","cardType":"basic","points":2,"front":"How does a slow-to-build plant affect the length of the long run?","back":"Longer, because plant takes years to build.","mcqOptions":[{"text":"Longer, because plant takes years to build.","correct":true,"explanation":"When plant takes years to construct, the firm needs a long period before all inputs and production capacity can be changed. This makes the long run longer."},{"text":"Shorter, because plant takes years to build.","correct":false,"explanation":"A long construction time delays changes to productive capacity, so it extends rather than shortens the adjustment period. The correct answer is longer."},{"text":"Longer, because plant can be rented quickly.","correct":false,"explanation":"Quickly rented plant would let capacity change sooner, shortening the long run. A slow-to-build plant makes the long run longer because construction takes years."},{"text":"Unchanged, because plant timing is irrelevant.","correct":false,"explanation":"The time required to alter plant is central to the definition of the long run. A plant that takes years to build makes the long run longer."}]},{"id":"299f37c7-1961-4e03-9e7f-34e1c736a98f","cardType":"basic","points":2,"front":"How does quickly rentable plant affect the length of the long run?","back":"Shorter, because plant can be rented quickly.","mcqOptions":[{"text":"Shorter, because plant can be rented quickly.","correct":true,"explanation":"If plant can be rented quickly, the firm can adjust its productive capacity in less time. Therefore, the period required to vary all inputs, the long run, is shorter."},{"text":"Longer, because plant can be rented quickly.","correct":false,"explanation":"Quick rental allows capacity to change rapidly, reducing the time needed to adjust all inputs. The correct effect is a shorter long run."},{"text":"Shorter, because plant takes years to build.","correct":false,"explanation":"Taking years to build plant would delay capacity adjustment and make the long run longer. Quick rental shortens the period because plant can be obtained rapidly."},{"text":"Unchanged, because rented plant is not an input.","correct":false,"explanation":"Rented plant still provides productive capital and can alter the firm's capacity. Because it is available quickly, the time needed to reach the long run is shorter."}]},{"id":"1b16afab-11a4-4325-84f8-da5f3d257ba3","cardType":"basic","points":1,"front":"What relationship does returns to scale examine?","back":"Proportional changes in all inputs and the resulting output change.","mcqOptions":[{"text":"Proportional changes in all inputs and the resulting output change.","correct":true,"explanation":"Returns to scale compares output after all inputs change by the same proportion. It identifies whether output rises more than, exactly as much as, or less than inputs."},{"text":"Changes in one input while other inputs remain fixed and the resulting output change.","correct":false,"explanation":"This describes the law of variable proportions or diminishing returns, not returns to scale. Returns to scale examines proportional changes in all inputs and the resulting output change."},{"text":"Changes in output price and the resulting change in total revenue.","correct":false,"explanation":"Price and revenue concern market outcomes rather than the production relationship. Returns to scale examines proportional changes in all inputs and the resulting output change."},{"text":"Changes in total cost and the resulting change in average cost.","correct":false,"explanation":"Cost relationships analyse economies or diseconomies of scale rather than defining the production test itself. Returns to scale examines proportional changes in all inputs and the resulting output change."}]},{"id":"207846c6-0057-4c5b-b38c-3e54e763ec41","cardType":"basic","points":1,"front":"What type of returns occurs when doubling all inputs more than doubles output?","back":"Increasing returns to scale.","mcqOptions":[{"text":"Increasing returns to scale.","correct":true,"explanation":"Doubling every input causes output to increase by more than double, so the production process has increasing returns to scale."},{"text":"Constant returns to scale.","correct":false,"explanation":"This describes output doubling in exact proportion to all inputs. Output rising by more than double instead indicates increasing returns to scale."},{"text":"Decreasing returns to scale.","correct":false,"explanation":"This describes output rising by less than the increase in all inputs. More-than-proportional output growth indicates increasing returns to scale."},{"text":"Negative returns to scale.","correct":false,"explanation":"Negative returns would imply that increasing all inputs reduces output, rather than increasing it by more than double. The correct concept is increasing returns to scale."}]},{"id":"c2bd6480-1497-46dc-b490-8598055c678b","cardType":"basic","points":1,"front":"What type of returns occurs when doubling all inputs exactly doubles output?","back":"Constant returns to scale.","mcqOptions":[{"text":"Constant returns to scale.","correct":true,"explanation":"When all inputs are doubled and output also doubles, output changes in exactly the same proportion as inputs, which defines constant returns to scale."},{"text":"Increasing returns to scale.","correct":false,"explanation":"Increasing returns require output to rise by more than double when all inputs double. An exactly proportional increase is constant returns to scale."},{"text":"Decreasing returns to scale.","correct":false,"explanation":"Decreasing returns occur when output rises by less than double after all inputs double. Exact proportionality instead indicates constant returns to scale."},{"text":"Negative returns to scale.","correct":false,"explanation":"Negative returns mean that increasing all inputs causes output to fall. Output doubling alongside doubled inputs is the definition of constant returns to scale."}]},{"id":"773980a0-9f88-4d24-9c61-3025db838c50","cardType":"basic","points":1,"front":"What type of returns occurs when doubling all inputs less than doubles output?","back":"Decreasing returns to scale.","mcqOptions":[{"text":"Decreasing returns to scale.","correct":true,"explanation":"Doubling every input causes output to increase by less than double, so output rises less than proportionally and the firm experiences decreasing returns to scale."},{"text":"Constant returns to scale.","correct":false,"explanation":"Constant returns require output to double exactly when all inputs double. Output increasing by less than double indicates decreasing returns to scale."},{"text":"Increasing returns to scale.","correct":false,"explanation":"Increasing returns require output to rise by more than double when all inputs double. A less-than-proportional increase is decreasing returns to scale."},{"text":"Negative returns to scale.","correct":false,"explanation":"Negative returns would mean output falls when all inputs increase. Output still rising, but by less than double, describes decreasing returns to scale."}]},{"id":"ef21d261-abf3-4fb1-aa63-9eee948be070","cardType":"basic","points":1,"front":"How does long-run average cost change under increasing returns to scale?","back":"Falls.","mcqOptions":[{"text":"Falls.","correct":true,"explanation":"Increasing returns to scale mean output rises more than proportionally as inputs increase, reducing the cost per unit and causing long-run average cost to fall."},{"text":"Stays constant.","correct":false,"explanation":"A constant long-run average cost is associated with constant returns to scale, where output changes in the same proportion as all inputs. Increasing returns make average cost fall."},{"text":"Rises.","correct":false,"explanation":"Rising long-run average cost reflects diseconomies of scale, caused by decreasing returns to scale. Increasing returns instead allow each unit to be produced more cheaply."},{"text":"First rises, then falls.","correct":false,"explanation":"Increasing returns to scale produce falling long-run average cost over the relevant range. A rise followed by a fall would not describe this direct relationship."}]},{"id":"78ec4f33-0f09-403a-a296-4839517f3c15","cardType":"basic","points":1,"front":"How does long-run average cost change under constant returns to scale?","back":"Stays constant.","mcqOptions":[{"text":"Stays constant.","correct":true,"explanation":"Constant returns to scale mean inputs and output increase in the same proportion, so the cost per unit does not change and long-run average cost stays constant."},{"text":"Falls.","correct":false,"explanation":"Falling long-run average cost is associated with increasing returns to scale, where output grows more than proportionally to inputs. Constant returns leave average cost unchanged."},{"text":"Rises.","correct":false,"explanation":"Rising long-run average cost is associated with decreasing returns to scale. With constant returns, output and total cost expand proportionally, so average cost stays constant."},{"text":"First falls, then rises.","correct":false,"explanation":"A falling-then-rising pattern describes changing economies and diseconomies of scale. Constant returns to scale imply no change in long-run average cost."}]},{"id":"bed08f00-1b15-4271-a1d8-358572ac62d0","cardType":"basic","points":1,"front":"How does long-run average cost change under decreasing returns to scale?","back":"Rises.","mcqOptions":[{"text":"Rises.","correct":true,"explanation":"Decreasing returns to scale mean output grows less than proportionally as inputs increase, so the cost per unit increases and long-run average cost rises."},{"text":"Falls.","correct":false,"explanation":"Falling long-run average cost results from increasing returns to scale, where output grows more than proportionally. Decreasing returns instead make each additional unit more expensive."},{"text":"Stays constant.","correct":false,"explanation":"Constant long-run average cost corresponds to constant returns to scale. Decreasing returns cause inputs and costs to grow faster than output, so average cost rises."},{"text":"First falls, then stays constant.","correct":false,"explanation":"This combines two different scale effects rather than describing decreasing returns. Decreasing returns to scale directly cause long-run average cost to rise."}]},{"id":"0ac6573c-71fa-4995-9f0a-e95c95b06f7e","cardType":"basic","points":1,"front":"What long-run cost outcome is underlain by increasing returns to scale?","back":"Economies of scale.","mcqOptions":[{"text":"Economies of scale.","correct":true,"explanation":"Increasing returns to scale allow output to grow more than proportionally as inputs expand, reducing long-run average cost. This cost advantage is called economies of scale."},{"text":"Diseconomies of scale.","correct":false,"explanation":"Diseconomies of scale occur when expanding production raises long-run average cost, usually because of decreasing returns to scale. Increasing returns underpin economies of scale."},{"text":"Constant returns to scale.","correct":false,"explanation":"Constant returns to scale describe the production relationship when output changes proportionally with inputs, not the cost outcome. Increasing returns underpin economies of scale."},{"text":"Allocative inefficiency.","correct":false,"explanation":"Allocative inefficiency concerns whether output matches consumer preferences and marginal cost. The lower long-run average cost associated with increasing returns is economies of scale."}]},{"id":"43d98dd3-8a2c-4b5c-9f06-a1820aaf74d8","cardType":"basic","points":1,"front":"What long-run cost outcome is underlain by decreasing returns to scale?","back":"Diseconomies of scale.","mcqOptions":[{"text":"Diseconomies of scale.","correct":true,"explanation":"Decreasing returns to scale make output grow less than proportionally as inputs expand, increasing long-run average cost. This adverse cost outcome is diseconomies of scale."},{"text":"Economies of scale.","correct":false,"explanation":"Economies of scale occur when expanding production reduces long-run average cost, generally because of increasing returns to scale. Decreasing returns underpin diseconomies of scale."},{"text":"Constant returns to scale.","correct":false,"explanation":"Constant returns describe proportional changes in output and inputs, rather than rising long-run average cost. Decreasing returns produce the cost outcome called diseconomies of scale."},{"text":"Productive efficiency.","correct":false,"explanation":"Productive efficiency means producing at the lowest possible average cost. Decreasing returns raise long-run average cost as scale expands, creating diseconomies of scale."}]},{"id":"ff2e4de0-e7f7-4c16-a14b-61e6ec0ed0a9","cardType":"basic","points":1,"front":"What shape does the long-run average cost curve have under constant returns to scale?","back":"A flat section.","mcqOptions":[{"text":"A flat section.","correct":true,"explanation":"Under constant returns to scale, doubling all inputs doubles output, so cost per unit remains unchanged as production expands. The long-run average cost curve is therefore horizontal over this range."},{"text":"A downward-sloping section.","correct":false,"explanation":"A falling curve represents increasing returns to scale, where output grows more than proportionately and average cost decreases. Constant returns instead leave unit cost unchanged, producing a flat section."},{"text":"An upward-sloping section.","correct":false,"explanation":"A rising curve represents decreasing returns to scale, where output grows less than proportionately and average cost increases. Constant returns keep average cost unchanged, so the curve is flat."},{"text":"A U-shaped section.","correct":false,"explanation":"A U-shaped curve suggests average cost first falls and then rises as scale changes. Constant returns to scale specifically mean unchanged average cost, giving a flat section."}]},{"id":"c8c5b227-b86a-4cc2-9e06-9be82f5400cc","cardType":"basic","points":2,"front":"A firm doubles inputs and output rises from 100 to 250 units. What returns to scale occur?","back":"Increasing returns to scale, because output rises by more than inputs.","mcqOptions":[{"text":"Increasing returns to scale, because output rises by more than inputs.","correct":true,"explanation":"Doubling the inputs would produce 200 units under constant returns, but output reaches 250 units. The more-than-proportionate increase shows increasing returns to scale."},{"text":"Constant returns to scale, because output doubles with inputs.","correct":false,"explanation":"Constant returns would raise output from 100 to 200 units when inputs double. Reaching 250 units is more than double, so the correct classification is increasing returns to scale."},{"text":"Decreasing returns to scale, because output rises by less than inputs.","correct":false,"explanation":"Decreasing returns occur when doubled inputs produce less than twice the output, such as 160 units. Here output rises to 250 units, which is more than double, showing increasing returns."},{"text":"Constant returns to scale, because output rises by 150 units.","correct":false,"explanation":"The relevant comparison is proportional, not simply the absolute increase. Inputs double while output rises 2.5 times, exceeding the proportional change and therefore indicating increasing returns to scale."}]},{"id":"29e1dbce-9628-430b-90c3-9b6534b7dc82","cardType":"basic","points":1,"front":"After a doubling of inputs, output rises from 100 to 200 units. What returns to scale occur?","back":"Constant returns to scale.","mcqOptions":[{"text":"Constant returns to scale.","correct":true,"explanation":"Doubling inputs raises output from 100 to 200 units, exactly twice the original output. Equal proportional changes in inputs and output define constant returns to scale."},{"text":"Increasing returns to scale.","correct":false,"explanation":"Increasing returns require output to more than double when all inputs double. Output reaches exactly 200 units from 100, so the correct classification is constant returns to scale."},{"text":"Decreasing returns to scale.","correct":false,"explanation":"Decreasing returns require output to rise by less than twice its original amount after inputs double. The output doubles exactly, which is the defining result for constant returns."},{"text":"Economies of scale.","correct":false,"explanation":"Economies of scale describe falling long-run average cost rather than the proportional output response itself. This exact doubling of output is specifically called constant returns to scale."}]},{"id":"19de36b8-9e2b-451c-8b65-2f96f7fb492d","cardType":"basic","points":1,"front":"After a doubling of inputs, output rises from 100 to 160 units. What returns to scale occur?","back":"Decreasing returns to scale.","mcqOptions":[{"text":"Decreasing returns to scale.","correct":true,"explanation":"When inputs double, constant returns would produce 200 units. Output reaches only 160 units, a less-than-proportionate increase, so the firm experiences decreasing returns to scale."},{"text":"Constant returns to scale.","correct":false,"explanation":"Constant returns would require output to double from 100 to 200 units when inputs double. Reaching only 160 units is less than proportionate, indicating decreasing returns to scale."},{"text":"Increasing returns to scale.","correct":false,"explanation":"Increasing returns require output to exceed 200 units after inputs double. The increase to 160 units falls short of that benchmark, so decreasing returns to scale is correct."},{"text":"Diseconomies of scale.","correct":false,"explanation":"Diseconomies of scale refer to rising long-run average cost, not directly to the production relationship between proportional input and output changes. The production result is termed decreasing returns to scale."}]},{"id":"174d22e0-7e33-46fb-abc9-e0e0f7de5f14","cardType":"cloze","points":null,"front":"The long run is a [ ] in which a firm can change plant size and all other inputs.","back":"The long run is a planning horizon in which a firm can change plant size and all other inputs.","mcqOptions":[{"text":"planning horizon","correct":true,"explanation":"The long run is defined as a planning horizon during which the firm has enough time to adjust plant size and every other input."},{"text":"production period","correct":false,"explanation":"A production period is too general and does not express the planning concept used in long-run analysis. The correct term is planning horizon, covering adjustment of all inputs."},{"text":"fixed-input interval","correct":false,"explanation":"A fixed-input interval describes a period associated with inputs that cannot yet be changed, which is characteristic of the short run. The long run is a planning horizon."},{"text":"market adjustment phase","correct":false,"explanation":"Market adjustment phase is not the economics term for the time available to alter all factors of production. Long-run analysis uses planning horizon to describe this period."}]},{"id":"9101a823-ab58-4678-8acb-40795a06a415","cardType":"cloze","points":null,"front":"The long run is a planning horizon in which a firm can change [ ] and all other inputs.","back":"The long run is a planning horizon in which a firm can change plant size and all other inputs.","mcqOptions":[{"text":"plant size","correct":true,"explanation":"Plant size is the scale of the firm’s physical productive facilities. In the long run, the firm can adjust this as well as all other inputs."},{"text":"labour costs","correct":false,"explanation":"Labour costs are expenses rather than a physical input or the size of productive capacity. The long-run definition specifically states that the firm can change plant size."},{"text":"market demand","correct":false,"explanation":"Market demand is an external condition affecting sales possibilities, not an input controlled as part of plant adjustment. The relevant changeable factor here is plant size."},{"text":"product price","correct":false,"explanation":"Product price is determined by market conditions or pricing decisions, not by the firm’s physical productive capacity. The long run permits changes to plant size."}]},{"id":"da38eb7d-eebb-4bbb-9836-e418f07f795d","cardType":"cloze","points":null,"front":"The long run is a planning horizon in which a firm can change plant size and [ ].","back":"The long run is a planning horizon in which a firm can change plant size and all other inputs.","mcqOptions":[{"text":"all other inputs","correct":true,"explanation":"In the long run, no input is necessarily fixed. Alongside plant size, the firm can adjust labour, capital, raw materials, and all other inputs."},{"text":"only variable inputs","correct":false,"explanation":"The phrase excludes the possibility of changing inputs previously treated as fixed, such as plant. The long run allows plant size and all other inputs to change."},{"text":"short-run inputs","correct":false,"explanation":"Short-run inputs are considered within a period where at least one factor remains fixed. The long run is broader, allowing the firm to change all other inputs."},{"text":"the firm’s output only","correct":false,"explanation":"Output is what the firm produces, not an input it changes alongside plant size. Long-run flexibility concerns the adjustment of all other inputs used in production."}]},{"id":"7a7959fd-e1f2-4aac-b9e4-0a287ae3c9b1","cardType":"cloze","points":null,"front":"When inputs double, output rising from 100 to 250 units is a [ ] increase, showing increasing returns to scale and causing long-run average cost to fall.","back":"When inputs double, output rising from 100 to 250 units is a 2.5x increase, showing increasing returns to scale and causing long-run average cost to fall.","mcqOptions":[{"text":"2.5x","correct":true,"explanation":"Dividing the new output, 250 units, by the original output, 100 units, gives 2.5. Output therefore increases by 2.5 times when inputs double."},{"text":"1.5x","correct":false,"explanation":"Subtracting 100 from 250 gives an increase of 150 units, but that absolute increase is not the multiplier. Dividing 250 by 100 gives the correct 2.5x increase."},{"text":"2x","correct":false,"explanation":"The 2x figure describes the doubling of inputs, not the resulting output. Output rises from 100 to 250, so its multiplier is 250 divided by 100, or 2.5x."},{"text":"3.5x","correct":false,"explanation":"Adding the original and additional output can produce 350, but that is not the relevant comparison. The output multiplier is the new total divided by the original: 250/100 = 2.5x."}]},{"id":"b3c528e2-48a8-42a9-b4fc-eff4c1bf14af","cardType":"cloze","points":null,"front":"When inputs double, output rising from 100 to 250 units is a 2.5x increase, showing [ ] and causing long-run average cost to fall.","back":"When inputs double, output rising from 100 to 250 units is a 2.5x increase, showing increasing returns to scale and causing long-run average cost to fall.","mcqOptions":[{"text":"increasing returns to scale","correct":true,"explanation":"Inputs double, but output rises from 100 to 250 units, or 2.5 times. Because output increases more than proportionately, this demonstrates increasing returns to scale."},{"text":"constant returns to scale","correct":false,"explanation":"Constant returns would make output double from 100 to 200 units when inputs double. A rise to 250 units is more than proportional, showing increasing returns to scale."},{"text":"decreasing returns to scale","correct":false,"explanation":"Decreasing returns would produce less than twice the original output after inputs double. The 2.5 times output increase exceeds that benchmark, so increasing returns to scale is correct."},{"text":"constant economies of scale","correct":false,"explanation":"This is not the standard classification for the proportional production response. Output rising 2.5 times when inputs double indicates increasing returns to scale, associated with falling average cost."}]},{"id":"4e4fc74c-112a-4ff7-91c5-0d2eae5f7686","cardType":"cloze","points":null,"front":"When inputs double, output rising from 100 to 250 units is a 2.5x increase, showing increasing returns to scale and causing long-run average cost to [ ].","back":"When inputs double, output rising from 100 to 250 units is a 2.5x increase, showing increasing returns to scale and causing long-run average cost to fall.","mcqOptions":[{"text":"fall","correct":true,"explanation":"Increasing returns to scale mean output grows more than proportionately as inputs expand. The firm therefore spreads costs over more output, causing long-run average cost to fall."},{"text":"rise","correct":false,"explanation":"A rise in long-run average cost is associated with decreasing returns to scale, when output grows less than proportionately. Increasing returns instead cause average cost to fall."},{"text":"remain constant","correct":false,"explanation":"Constant long-run average cost corresponds to constant returns to scale, where output and inputs change in the same proportion. Here output rises 2.5 times while inputs double."},{"text":"reach its minimum","correct":false,"explanation":"Increasing returns cause long-run average cost to fall, but they do not necessarily mean it has reached its minimum. The direct consequence stated here is that average cost falls."}]}]}],"examCountdown":null,"heading":"7.5.3 long-run production function","title":"7.5.3 long-run production function Flashcards","topbar":{"backHref":"/international-a-level/economics/cie/flashcards"},"topicSidebar":"$L39"}]}],"topicId":"f6feaf6d-3cc0-40d1-9ff6-a5e697f2010b","walled":"$L3a"}],"$L3b","$L3c"]