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: A Ph.D. is a specific type of doctorate degree while a doctorate is an advanced post-secondary degree. A Ph.D. stands for doctor of philosophy, even though Ph.D.s can be earned in subjects that are not philosophy like hard science. This means that all Ph.D.s are doctorates, but not all doctorates are Ph.Ds.