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LRAC: The abbreviation for long-run average cost, which is the per unit cost of producing a good or service in the long run when all inputs are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is based on economies of scale (or increasing returns to scale) and diseconomies of scale (or decreasing returns to scale).

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Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for door-to-door salesmen.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"Be willing to have it so. Acceptance of what has happened is the first step to overcoming the consequences of any misfortune."

-- William James, Psychologist

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