Review of Production, Costs, and Revenue (Grade 12 NSC Matric Economics): Quizzes

All factors can change in long run

Labour and raw materials

$MP = \frac{\Delta TP}{\Delta Q}$

Rent

$TC = FC + VC$

$MC = \frac{\Delta TC}{\Delta Q}$

$TR = P \times Q$

They remain constant at 120

They continuously decrease

At their minimum points