| 单词 | long run |
| 释义 | long run A period sufficiently long that everything can be changed, which can ever be changed at all. The long run is contrasted with the short run, in which very few things can be changed, and with the medium run, in which more things can be changed than in the short run, but not so many as in the long run. In the long run, for example, a firm can build new premises, carry out research and development programmes to devise new processes and products and apply them, and recruit and train managers and skilled workers. In the short run most of these things are impossible: the firm can only buy more fuel and materials, and recruit additional untrained workers. Long-run supply and demand curves are typically more elastic than the corresponding short-run curves. |
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