In the meantime, electricity prices were gradually raised to nearer long-run costs.

The long-run costs referred to the anticipated cost of electricity in the years ahead.

The long-run decision is based on the relationship of the price and long-run average costs.

Diseconomy of scale - A region of increasing quantity and increasing long-run average cost.

In the long run a firm operates where marginal revenue equals long-run marginal costs.

"The message is, 'Look, we have to worry about the long-run cost of pensions in the public sector as well as the private sector.' "

Figure 17-3 shows an industry with steadily decreasing long-run average costs reflecting the technological advantages of producing a very large output.

Consequently, a monopoly tends to price at a point where price is greater than long-run average costs.

I conclude: The failure to consider the whole record of Clinton's Presidency in foreign and domestic affairs could have severe long-run costs.

This benefit would seem too small to risk the potentially large long-run costs associated with impairment of creditworthiness.