... 65Long-run average costs (LAC), 107 109 Long-run costs, 107 109 Long-run equilibrium, 114Loss, 114150 PRINCIPLES OF ECONOMICS to the firm s demand for productive resources. Because of this, ... Savings, 65Scarcity, 3–5market system, 7–8Services, 4Short run, 105 Short-run average costs (SAC), 107 109 Short-run costs, 105 107 Short-run loss, 114Short-run profit, 114Stabilizers, ... imposition of high initiation fees and long apprenticeships and requirements that employ-ers hire only union members. This is done primarily by craft unions (i.e.,unions of such skilled workers...