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LONG RUN, MICROECONOMICS: In terms of the microeconomic analysis of production and supply, a period of time in which all inputs in the production process are variable. The long run is primarily used to analyze production decisions for a firm and is also referred to as the planning horizon. The long run is a period of time in which a business can change the quantities of ALL resource inputs--labor, capital, land, and entrepreneurship. Nothing is fixed. If your factory is to small, well then, build a bigger one. The long-run analysis of production is used to better understand economies of scale, diseconomies of scale, and long-run market supply.

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Lesson 12: Business Cycles | Unit 2: A Simple Cycle Page: 6 of 26

Topic: Long-Run Trend <=PAGE BACK | PAGE NEXT=>

A closer look to the business cycle.
  • The red line represents the pattern of actual real GDP over time.
  • The blue line is the long-run trend, the historical average of real GDP growth, about 3% each year.
  • In general, real GDP increases.
  • But real GDP occasionally declines, frequently rises faster the long-run trend, and seldom rises exactly equal to the long-run trend.
  • A business cycle is combination of the two periods, (1) expanding economic activity moves the economy up to and above the long-run trend and (2) declining activity that drops it below this trend.

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INDETERMINANT

The directional change in a variable, resulting from the disruption of an equilibrium that is identified using comparative statics, is not known. This term is commonly used to indicate that the change in either price or quantity is unknown when the market experiences simultaneous shifts in both the demand and supply curves. For example, an increase in both demand and supply definitely cause an increase in the quantity exchanged. But whether the market price increases or decreases is indeterminant.

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Today, you are likely to spend a great deal of time at an auction looking to buy either a wall poster commemorating the moon landing or storage boxes for your winter clothes. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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