Chapter 7.4: Long-run versus Short-run cost curves
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5 Terms
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Long-run average cost curve
curve relating average cost of production to output when all inputs, including capital, are variable.
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Short-run average cost curve
curve relating average cost of production to output when level of capital is fixed.
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Long-run marginal cost curve
curve showing the change in long-run total cost as output increased incrementally by 1 unit.
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Economies of scale
situation in which output can be double for less than a doubling of cost
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Diseconomies of scale
situation in which a doubling of output requires more than a doubling of cost
Note 
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