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LRIC or LRAIC (the distinction between the two is presented below) is an abbreviation for "Long-Run Average Incremental Cost". [1]

6 relations: Incumbent, Long run and short run, Market power, Monopoly, Public switched telephone network, Telecommunication.


The incumbent is the current holder of a political office.

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Long run and short run

In microeconomics, the long run is the conceptual time period in which there are no fixed factors of production, so that there are no constraints preventing changing the output level by changing the capital stock or by entering or leaving an industry.

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Market power

In economics and particularly in industrial organization, market power is the ability of a firm to profitably raise the market price of a good or service over marginal cost.

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A monopoly (from Greek μόνος mónos and πωλεῖν pōleîn) exists when a specific person or enterprise is the only supplier of a particular commodity.

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Public switched telephone network

The public switched telephone network (PSTN) is the aggregate of the world's circuit-switched telephone networks that are operated by national, regional, or local telephony operators, providing infrastructure and services for public telecommunication.

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Telecommunication is the transmission of signs, signals, messages, words, writings, images and sounds or information of any nature by wire, radio, optical or other electromagnetic systems.

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[1] https://en.wikipedia.org/wiki/LRIC

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