What are the key differences between short run equilibrium and long run equilibrium in economics?

In economics, short run equilibrium refers to a situation where the supply and demand for a good or service are balanced at a particular point in time, while long run equilibrium is a state where all factors of production can be adjusted and there are no excess profits or losses. The key difference between the two is that in the short run, some factors of production are fixed, leading to temporary imbalances, while in the long run, all factors can be adjusted to achieve a stable equilibrium.