lectur5-page38 - time frame it is simple the time period...

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38 38 Future Consumption Consumption outside the short period of time (long run consumption). “The long run is the time period in which anything can be changed, or in which individuals and firms are fully able to respond to economic incentives and take advantage of economic opportunities. The long run has no specific
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Unformatted text preview: time frame; it is simple the time period that is long enough to allow full response to changing incentives.” The material above has been excerpted from: Introduction to Economic Principles by Mabry and Ulbrich, McGraw-Hill Book Company, 1989. ISBN: 0-07-044797-7, page 17....
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