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What was true of the massive famine of 1769?
Maximize Profit
The primary goal of businesses to achieve the highest possible profit margin by optimizing revenue while minimizing costs.
Fixed Costs
Costs that do not vary with the level of production or sales, including rent, salaries, and insurance premiums, providing stability in budgeting and planning.
Value-based Pricing
A pricing strategy where the price is set based on the perceived value to the customer rather than based on the cost of the product or historical prices.
Economic Value
The measure of the benefit provided by a good or service to an economic agent.
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