Difference between revisions of "Long run"
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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. | 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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Revision as of 23:59, December 17, 2015
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.
