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AP Microeconomics
Unit 3 – Production, Cost, and the Perfect Competition Model
Topic 3.3
What is the main advantage of long-run production when all factors of production are variable?
The firm can focus on maximizing average fixed cost.
The firm can minimize costs along any quantity of labor and capital.
The firm can minimize average variable cost.
The firm can fix the factors of production.
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AP Microeconomics - 3.3 Long-Run Production Costs
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Long-run production
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AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.
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