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| {{merge|Long-run|date=December 2006}} | |||
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| :''For other uses of the term, see ]'' | |||
| 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 ] (LRAC) curve, an important factor in ] models. | |||
| '''Long run marginal cost''' ('''LRMC''') refers to the cost of providing an additional unit of ] or ] under assumption that this requires investment in capacity expansion. LRMC pricing is appropriate for best ], but may lead to a mismatch between operating costs and revenues. | |||
| 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." | |||
| == See also == | |||
| * ] | |||
| {{econ-stub}} | |||
| ] | |||
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