Long run

The long-run is a period of time in which all factors of production and costs are variable. In the long run, firms are able to adjust all costs, whereas, in the short run, firms are only able to influence prices through adjustments made to production levels. Additionally, while a firm may be a monopoly in the short term, they may expect competition in the long run—Read more at Investopedia. Mitchell, Grant and Kenton, Will. “Long Run.” 14 May 2019