Economics A-Level
Long run
What Long run means in Economics A-Level, as defined for AQA.
Definition of Long run
Check what you remember
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Reference: AQA
The period where all factors of production become variable, allowing a firm to build new factories or adopt new technologies.
Topics that use Long run
- The law of diminishing returns and returns to scale (AQA A-Level)
Related terms
- Capacity constraints
- Costs of production
- Diminishing marginal returns
- Economies of scale
- Factor inputs
- Factors of production
- Law of diminishing returns
- Long-run average cost curve
Using Long run in the exam
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