The Long Run

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  • BUY JACKETS! 50 RIYALS PER JACKET!!11! (it's Egyptian cotton)
  • This is a convenient equilibrium price. As a buyer, I am willing to pay this amount.
  • Let me get my wallet... huh?
  • Thanks to the flexibility of demand, people are no longer willing to buy jackets for 60 Rials.
  • WAIT!!
  • That's 10 Riyals. 60 Riyals pls.
  • That is unfortunate. I guess I'll have to spend more money on jackets.
  • There's a new tax on jackets. You have to pay the government 20% of your income.
  • But everything changed when the long run attacked
  • And I have to decrease the price so people would still buy. Now I make less money.
  • In the long run, people or even businesses are going to adjust their allocation of resources.
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