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What is social stratification?
Total Fixed Costs
The sum of all costs that remain constant regardless of the level of output or production volume.
Total Costs
The overall expenditure involved in producing goods or offering services, comprising both stable and changeable costs.
Economies of Scale
The cost advantage achieved when production becomes efficient, as the scale of production increases, leading to a reduction in the average cost to make each unit.
Diseconomies of Scale
A situation where, as a firm becomes larger, its costs per unit increase due to inefficiencies that arise from its growth.
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