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.
You can also read more about the Doctor of Philosophy programmes in general, or about studying in Germany. The Ph.D. (also PhD, Doctor of Philosophy) is the highest postgraduate degree that can be achieved at universities. People awarded with a PhD are normally allowed to have a teaching position at a university.