← Production, costs and revenue ⏱ 5:00 From Paper 3: Economic principles and issues
Diminishing marginal returns occur when:
A All factors are increased in the long run B Extra units of a variable factor are added to a fixed factor C A firm grows too large D Average cost is constant
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From Paper 3: Economic principles and issues
Marginal cost cuts average cost at:
A Maximum AC B Minimum AC C Where MR = 0 D Where AR = AC
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From Paper 3: Economic principles and issues
Profit is maximised where:
A AR = AC B MC = MR C MR = 0 D TR is maximised
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Score 0 / 3 · 0 of 3 marked
This paper is written by Plasmo in the style of the AQA A-Level Economics exam. It is not a past paper and is not produced or endorsed by the exam board.