The long run is a period of

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The long run is a period of sufficient length to allow a firm to alter its plant size and capacity and all other factors of production. This is the definition of the long run, as opposed to the short run, which is a period of time during which a firm is unable to alter some of its inputs, such as plant size or capacity. The long run is not defined by a specific period of time, such as one year, and it may or may not allow a firm to expand output by hiring additional workers or transform losses into profits.

The Long Run Is a Period of