| Revision as of 12:08, 13 April 2005 editDcfleck (talk | contribs)Extended confirmed users2,747 editsm Attempted to clarify for non-economists← Previous edit | Latest revision as of 04:49, 20 February 2024 edit undoさえぼー (talk | contribs)Extended confirmed users1,666 edits Undid revision 1209072156 by さえぼー (talk)Tags: Redirect target changed Undo | ||
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| In ] models, the '''long run''' time frame assumes no fixed ]. ]s can enter or leave the ], and the cost (and availability) of land, ], ], and ] can be assumed to vary. In contrast, in the ''short run'' time frame, certain factors are assumed to be fixed, because there is not sufficient time for them to change. This is related to the ] curve, an important factor in ] models. | |||
| In ] models, the long run assumes full factor mobility between economic ], and often assumes full ] mobility between nations. | |||
| The concept of ''long run cost'' is used in cost-volume-profit analysis and product mix analysis. | |||
| A famous use of the phrase was by ], who said in dry humor, "In the long run, we are all dead." | |||
| ] | |||
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