Economics A-Level
Long-run average cost curve
What Long-run average cost curve means in Economics A-Level, as defined for AQA.
Definition of Long-run average cost curve
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Reference: AQA
A curve whose shape is analysed through the three returns to scale, which correspond to economies and diseconomies of scale.
Topics that use Long-run average cost curve
- 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
Using Long-run average cost curve in the exam
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