The Long Run is a time period in which everything can be changed. The length of time that distinguishes the short from the long run depends on the kind of production process we have in mind. In general, it's roughly the time it would take to start up a new firm in that industry. Consider a business that sells sandwiches from a push cart. The long run in this industry might be one day, while the long run in the automotive industry might be several years.

   The Very Long Run Is the length of time needed to adopt an entirely new production technology. Again, the length of time will vary greatly depending on the industry.

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