Average costs, variable costs, fixed costs, total costs
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?- Created by: Jade
- Created on: 17-11-12 14:20
Other questions in this quiz
2. What are costs?
- The monetary value of inputs that are needed to produce a particular good or service
- The value of inputs that are needed to produce a good
- The revenue from inputs that are needed to produce a good or service
3. What are fixed costs?
- The total cost of production or provision of a service
- Costs that are independent of output produced e.g. rent, interest paid on loans
- Costs that vary directly with output produced e.g. labour, fuel, raw material costs
4. The lowest level of output where LRAC is minimised is known as what?
- Moderate efficiency scale
- Minimum efficiency scale
- Maximum efficiency scale
5. What is long run?
- Time period when the lowest level of output where long-run average cost (LRAC) is minimised.
- Time period when all factor inputs can be changed
- Time period when a firm is unable to change factors of production except for one, usually labour.
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