Examlex
The importance and power of religion increases as societies modernize.
Efficient Use
The optimization of resources to achieve the highest possible output or benefit with the least amount of input or waste.
P > MC
A situation in which price is greater than marginal cost, indicating potential profit opportunities for firms.
Profits Equal Zero
A situation in which a firm's total revenue is exactly equal to its total costs, resulting in no net profit.
Economies of Scale
Cost efficiencies achieved by organizations through their operational scale, with per unit cost diminishing as the scale of production grows.
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