LONG-RUN PRODUCTION: An analysis of the production decision made by a firm in the long run. The central feature of this long-run analysis is returns to scale, which results in the long run even though all inputs are variable. Returns to scale are reflected in the long-run average cost curve as either economies to scale or diseconomies to scale. See also | long run | returns to scale | long-run average cost curve | planning curve | long-run equilibrium | long-run marginal cost | long-run total cost |
