mankiw note on economics in long run?

Answer 1

Where do we start. There are many things about economics in the long run. Here are a few.

In the long run, firms can enter or exit the market. This means it takes a longer time to place fixed assets into or get them out of the market.

In the long run, prices and quantities will be in equilibrium and will not be fluctuating.

In the long run, none of us cares about what happens in the long run, because we are all dead.