In
microeconomics, the ""long run"" is the conceptual time period in which there are no
fixed factors of production, so that there are no constraints preventing changing the output level by changing the
capital stock or by entering or leaving an industry. The long run contrasts with the
short run, in which some factors are variable and others are fixed, constraining entry or exit from an industry. In
macroeconomics, the long run is the period when the general
price level, contractual wage rates, and expectations adjust fully to the state of the economy, in contrast to the short run when these variables may not fully adjust.