8 min read
This study guide covers long-run costs in AP Microeconomics, including the difference between short-run and long-run costs, the LRATC curve (its shape and why it's U-shaped), economies of scale, diseconomies of scale, and constant returns to scale. It also provides practice questions and exam tips.
Give us your feedback and let us know how we can improve
Question 1 of 12
In the long run, firms have the flexibility to adjust which of the following? 🤔
Only labor inputs
Only capital inputs
All inputs
No inputs can be changed