Examlex
Which term is used synonymously with happiness in psychology literature?
Least Cost
The principle of choosing the option that provides the necessary level of benefit or utility at the minimum possible cost.
Production
The process of combining various material inputs and immaterial inputs (plans, know-how) to make something for consumption.
Constant-cost Industry
An industry in which the costs of production do not change as the industry's total output changes.
Competitive Market
A market where there are many buyers and sellers so that no single buyer or seller can influence the price or market conditions.
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