Long-Run and Short-Run

Long-Run

In microeconomics, the long run is the conceptual time period in which there are no fixed factors of production as to changing the output level by changing the capital stock or by entering or leaving an industry.

long-run adj : relating to or extending over a relatively long time; "the long-run significance of the elections"; "the long-term reconstruction of countries damaged by the war"; "a long-term investment" [syn: {long-term}, {semipermanent}]

long run n : a period of time sufficient for factors to work themselves out; "in the long run we will win"; "in the long run we will all be dead"; "he performed well over the long haul" [syn: {long haul}]

long-run \long-run\ adj. 1. relating to or extending over a relatively long time; as, the long-run significance of the elections. Syn: long-term. [WordNet 1.5]

Short-Run

In microeconomics, the long run is the conceptual time period in which there are no fixed factors of production as to changing the output level by changing the capital stock or by entering or leaving an industry.

short-run adj : relating to or extending over a limited period; "short-run planning"; "a short-term lease"; "short-term credit" [syn: {short-term}]

Data Sources:

  • long-run: WordNet (r) 2.0
  • long-run: WordNet (r) 2.0
  • long-run: The Collaborative International Dictionary of English v.0.44
  • short-run: WordNet (r) 2.0

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