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.
Doctor of Philosophy (Ph.D.): The Ph.D. is considered the highest degree possible in higher education, mostly because it requires a dissertation for completion. A Ph.D. is awarded in many fields, not just psychology. This training requires often 4-6 years of training, depending on the unique requirements of the program.