Economics A-Level
Long-run costs
What Long-run costs means in Economics A-Level, as defined for AQA.
Definition of Long-run costs
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Reference: AQA
Long-run average cost curves are drawn as an envelope of short-run average cost curves, illustrating economies and diseconomies of scale.
Topics that use Long-run costs
- Costs of production (AQA A-Level)
Related terms
- Cost curve geometry
- Diminishing marginal returns
- Economies of scale
- Factor prices
- Factors of production
- Fixed and variable costs
- Fixed costs
- Marginal cost
Using Long-run costs in the exam
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