LONG-RUN AVERAGE COST: 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).

     See also | average cost | average total cost | variable input | fixed input | long run | quantity | economies of scale | increasing returns to scale | diseconomies of scale | decreasing returns to scale | minimum efficient scale |

LONG-RUN AVERAGE COST, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 6, 2025].

Additional information on this term can be found at:

WEB*pedia: long-run average cost

Back to the GLOSS*arama

A medium of exchange (money) with value in exchange, but little or no value in use. Modern paper currency, coins, and checkable deposits are fiat money. The value of fiat money comes from the public's general willingness to accept it in exchange for other goods. This willingness comes from the fact that EVERYONE is willing to accept fiat money in exchange, which largely depends on the public's confidence in the authority (usually government) issuing the fiat money. Fiat money is NOT valuable unto itself, but it is valuable for what it can buy. In the march toward economic complexity, fiat money emerged from commodity money, money with both value in exchange and value in use.

Complete Entry | Visit the WEB*pedia

Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either a how-to book on surfing the Internet or a computer that can play music and burn CDs. Be on the lookout for telephone calls from long-lost relatives.
Your Complete Scope

This isn't me! What am I?

-- Helen Keller, author, lecturer

User Feedback