Short-Run Costs vs. Long-Run Costs in Economics

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

A contract to be completed in the next six months would be considered which of the following?

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1. Accounting software for a bakery is:

2. Transitioning from baking to catering is considered which of the following?

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About This Quiz & Worksheet

This worksheet/quiz combo helps you gauge your knowledge of short-run and long-run production. In order to pass the quiz, you will need to identify the different types of costs associated with these two types of production.

Quiz & Worksheet Goals

This quiz and worksheet can help you review:

  • Short-run costs
  • Long-run costs
  • Contracts to be completed in six months
  • Examples of long-run production

Skills Practiced

This quiz and worksheet can help you practice the following skills:

  • Information recall - access the knowledge you have gained regarding examples of long-run production
  • Distinguishing differences - compare and contrast main topics, such as short-run costs and long-run costs
  • Knowledge application - use your knowledge to answer questions about examples of short-run production

Additional Learning

To learn more about different costs, review the lesson called Short-Run Costs vs. Long-Run Costs in Economics. This lesson covers the following objectives:

  • Compare and contrast long-run costs and short-run costs
  • Define variable costs
  • Examine why it's important to know what fixed costs are
  • Review examples of long-run production
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