Section: Principles of Microeconomics

6) The difference between the short run and long run are

In the short run costs are variable while in the long costs are fixed
In the short run firms have free exit and entry while in the long run there are barriers to entry and exit of the market
In the short run profits are made while in the long run the market is in equilibrium
In the short run prices are set, while in the long run prices are variable.
In the short run output is fixed while in the short run output is variable