The long run is a situation in economics wherein all factors of production and costs are variable. The long run allows firms to operate and adjust all costs. There are also a variable number of producers in the market, which means firms are able to enter and leave the market during times of profitability and loss. In the long run, profits are ordinary, so there are no economic profits. While a firm may be a monopoly in the short term, it may expect competition in the long run.