Long-run

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In Economics, long-run refers to the decision-making time frame of a firm in which all factors of production may be varied. "Long run is a period of time long enough for all of the firm's current commitments to come to an end." In creation of such abilities you are able to determine long run. A generic firm can make these changes in the long-run:

  • Enter an industry
  • Increase its plant
  • Decrease its plant
  • Leave an industry
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