long run

long run definition - business

long run

In economics, sufficient time for all inputs to be variable, and for firms to be able to enter or exit an industry. Economist John Maynard Keynes is quoted as having said, “In the long run we are all dead." This is one theory on which all economists seem to agree.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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