A-LevelEconomicsTheory of the Firm / Costs of ProductionFeb/Mar 2023Paper 1 Q21 Mark
What is the definition of long run?
Athe time period when all factors of production are specialised
Bthe time period when all factors of production are variable
Cthe time period when all key inputs into production are variable
Dthe time period when at least one factor of production is fixed
✓ Correct Answer
The correct answer is B. This question tests the candidate's understanding of theory of the firm / costs of production within the Economicssyllabus. The examiner's mark scheme requires...
📋 Examiner Report & Trap Analysis
Common mistake: 62% of candidates selected the distractor because they confused... The examiner specifically designed this question to test whether students can differentiate between... To secure full marks, candidates must demonstrate...
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