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How is centralized political power different from uncentralized? Consider your own community and family life: how are both of these exhibited also in your daily life?
Fixed Costs
Costs that do not change with the level of production or output in the short term, such as rent or salaries.
Minimum Efficient Scale
Minimum efficient scale represents the smallest amount of production a company can achieve while still taking full advantage of economies of scale in terms of costs per unit.
Industry
A group of companies that produce similar products or services and compete in the same market.
Diseconomies of Scale
Increases in cost per unit when output increases, resulting from factors such as management challenges, inefficiencies, and communication problems as firms grow larger.
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