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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, in United States politics, 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 monos μόνος (alone or single) + polein πωλεῖν (to sell)) exists when a specific person or enterprise is the only supplier of a particular commodity (this contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with oligopoly which consists of a few entities dominating an industry).

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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 occurs when the exchange of information between two or more entities (communication) includes the use of technology.

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

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