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I am currently being taught to use average total cost (ATC) to label the U-shaped curve in the short-run on a market structure diagram, and long-run average cost (LRAC) for the equivalent curve in a long-run market structure diagram.

Is any difference between labeling the U-shaped curve in a long-run market structure diagram long-run average total cost (LRATC) and labeling it LRAC?

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    $\begingroup$ The long run is usually understood as a time when all costs are variable (i.e. no fixed costs). Therefore LRATC and LRAC are the same thing. (I'm not sure if all textbooks adopt this interpretation of "long run" though) $\endgroup$
    – Herr K.
    May 26 '16 at 22:08
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It is one and the same thing. Notation might be different.

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