Share This Article:

Economic Definition of long run. Defined.

Offline Version: PDF

Term long run Definition: In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. In terms of the microeconomic analysis of production and supply, a period of time in which all inputs in the production process are variable.


« logrolling | long-run adjustment »


Alphabetical Reference to Over 2,000 Economic Terms