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English
New Course
Concept
Long Run
The 'Long Run' refers to a period in
economic analysis
where all
factors of production
and costs are variable, allowing firms to adjust their operations fully to achieve
optimal production levels
. It contrasts with the 'Short Run,' where some factors are fixed, and is crucial for understanding how economies, industries, and businesses adapt over time to
changes in technology
, policy, and
consumer preferences
.
Relevant Fields:
Psychology 30%
Economic Theory and Concepts 40%
Sports and Physical Activities 30%
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