Economics A-Level
Short-run costs
What Short-run costs means in Economics A-Level, as defined for AQA.
Definition of Short-run costs
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Reference: AQA
Costs shown by curves including Marginal Cost, Average Variable Cost, Average Total Cost and Average Fixed Cost, with the Marginal Cost curve U-shaped due to the law of diminishing marginal returns.
Topics that use Short-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
- Long-run costs
Using Short-run costs in the exam
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