Sample 1

IB Economics: Sample 1

This is the first sample for the question, on microeconomics, the question and markscheme are included.(a) Explain the difference between cost curves in the short-run and long-run. [10 marks]Short run is a period of time where at least one factor of production is fixed and all of the other factors are variable. The fixed factors of production are independent of the output and examples of it include capital (rent, factories,...

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