long run

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Long run

A period of time in which all costs are variable; longer than one year.

Long Run

Informal for long term. The term is notable for John Maynard Keynes' quote, "In the long run, we are all dead."

long run

an abstract time period (in the THEORY OF SUPPLY) long enough for all FACTOR INPUTS to be varied, but within an existing technological framework (known production methods). Thus, the firm's plant size, which is fixed in the short run, can now be altered to allow for an increased scale of operations.

In the VERY LONG RUN, the technological framework itself changes as a result of new INVENTIONS and knowledge. Compare SHORT RUN. See also ECONOMIES OF SCALE, DISECONOMIES OF SCALE, RETURNS TO SCALE.

References in periodicals archive ?
We assume that over the long run, expected MPK equals actual MPK.
The economy's consumption approaches, in the long run, a level that depends on the permanent part of the shock, [[eta].
Calgary-based Calgary Sinoenergy Investment Corporation has received approval under the Investment Canada Act for the acquisition of Long Run Exploration Ltd.
After Long Run faded into fifth, having been clear in third jumping the last, the stewards found the jockey in breach of rule (B)59.
The runner should go into the long run relatively fresh and have one or two recovery days afterward.
Ruby has ever ridden Long Run before but it made sense to book him as he will already be over there for Willie Mullins.
TIDAL Bay and Long Run head a maximum field of 40 for the Crabbie's Grand National at Aintree after all the leading fancies stood their ground at the final declaration stage.
And while old favourites and up-and-coming chasers will feature among them, the quality will undoubtedly come in the shape of 2011 Cheltenham Gold Cup hero Long Run.
IT is exceedingly tough to oppose Long Run in the bet365 Charlie Hall Chase at Wetherby.
com Punchestown Gold Cup as Long Run and First Lieutenant came storming home.
SIR Des Champs hung on grimly in a thrilling finish to the Punchestown Gold Cup as Long Run and First Lieutenant came storming home.
LONG Run will head straight for the Betfred Cheltenham Gold Cup after trainer Nicky Henderson decided against a prep run at Newbury this weekend.