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.
Ph.D. stands for Doctor of Philosophy. This is a common advanced degree that you can earn in most academic fields. A Ph.D. is a research-focused type of degree that usually takes around three to six years to earn. Typically, students who enter a doctorate program have aspirations of a career in academia or research.