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 (Ph.D.) degree is one type of doctoral degree and is generally considered the most advanced degree available in any particular field. Graduating with a Ph.D. degree involves completing a wide range of classroom coursework, comprehensive exams and an original doctoral dissertation.andidates complete an original thesis on a topic that is usually related to their area of concentration. Some of the courses that may be included in this degree's curriculum are: 1  Native American landscapes. 2  Postmodernism and the visual arts. 3  Contemporary African art.