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asked 8 months ago
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Actually there is no fixed time limit that we can say is the short run or long run; instead there are certain factors that differentiate markets in the short and long run. These differences are:
- In the short run, some of the inputs can be variable and some can be fixed. While in the case of long run, all the inputs are variable, there are no fixed inputs.
- In the short run, the numbers of players in the market remains the same, new firms do not enter while the existing ones do not leave. In the long run, this is not the case and firms can enter and leave as they like.
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