Difference between revisions of "Long Run"
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(Corrected claim about "the distant future" to proper economic definition of the long run (rewrote article)) |
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| − | + | In [[economics]], the '''long run''' refers to the timeframe in which all [[factors of production]] are variable. It is most frequently compared with the [[short run]], in which at least one factor of production is fixed, or the market timeframe, in which all factors are fixed. | |
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[[category:economics]] | [[category:economics]] | ||
Revision as of 21:44, May 26, 2009
In economics, the long run refers to the timeframe in which all factors of production are variable. It is most frequently compared with the short run, in which at least one factor of production is fixed, or the market timeframe, in which all factors are fixed.