Sample 2

IB Economics: Sample 2

This is the second 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]In economics, a distinction between the short-run and long-run is made. The short-run is a time period in which at least one cost is fixed (doesn’t change when output changes) and there are also many variable costs; while in the...

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