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COMMON-PROPERTY GOOD: A good that's difficult to keep nonpayers from consuming, but use of the good by one person prevents use by others. Examples include oceans, the atmosphere, many lakes and streams, and large tracts of wilderness area or public parks. The term "common property" aptly describes the situation here, it's commonly owned and thus everyone has access to it, but it can be easily used up or destroyed. Many of our pollution problems occur because common property becomes a convenient place to dump waste materials. For efficiency, government needs to take charge of common-property goods, private exchange through markets can't do the job.
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                           VERY LONG RUN, MICROECONOMICS: A production time period in which all inputs are variable, including those under control of the firm and those beyond the control of the firm. During the very long run, not only are the labor, capital, land, and entrepreneurship inputs variable, but so too are key production inputs such as government rules, technology, and social customs. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very short run. The very long run is a production time period that is so long that all productive inputs are variable, including those that are variable in the long run (labor and capital) as well as those that change slowly and/or are beyond the control of the firm. In the very long there are no fixed inputs. Everything affecting production is likely to change. The task facing a firm is then to adjust to all sorts of changes.Consider a comparison between the long run and the very long run: - In the long run, all inputs under the control of the firm or producer are variable. In other words, a firm can change the size of the workforce as well as the plant size and other capital inputs. However, the firm operates under existing government regulations, has access to the same transportation infrastructure, and makes use of the same production technology.
- In the very long run, technology, social institutions, and other things that may change very slowly and/or may be largely beyond the direct control of the firm can change. A firm not only builds a new plant in the very long run, but this plant makes use of improved technology and is adapted to new government regulations.
Recommended Citation:VERY LONG RUN, MICROECONOMICS, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: June 18, 2018].
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Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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A half gallon milk jug holds about $50 in pennies.
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"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us. " -- E. M. Forster, writer
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