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Many an A-level economics student has wondered about the difference between the long run and the short run in micro economics. When are we looking at the short run? How long is it? When does the short run become the long run? Key point is that the short run and the long run are conceptual time periods – they are not set in terms of weeks, months and years etc. Indeed the length of the short run will depend on the nature of the supply process industry by industry.
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