Long-Run Average Total Cost-LRATC. Firms examining the long run understand that they cannot alter levels of production in order to reach an equilibrium between supply and demand.ong-Run Average Total Cost-LRATC. Firms examining the long run understand that they cannot alter levels of production in order to reach an equilibrium between supply and demand.
PhD is short for Doctor of Philosophy (also abbreviated to DPhil or Dr.Philos). This is an academic or professional degree that, in most countries, qualifies the degree holder to teach their chosen subject at university level or to work in a specialized position in their chosen field.
A Doctor of Philosophy of the University of Oxford in full academic dress. A Doctor of Philosophy degree (often abbreviated Ph.D. , PhD, D.Phil. , or DPhil) or a Doctorate of Philosophy, from the Latin Doctor Philosophiae, is a type of doctorate awarded by universities in many countries. Doctor of Philosophy of the University of Oxford in full academic dress. A Doctor of Philosophy degree (often abbreviated Ph.D. , PhD, D.Phil. , or DPhil) or a Doctorate of Philosophy, from the Latin Doctor Philosophiae, is a type of doctorate awarded by universities in many countries.