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The circuits threshold is set by resistor R2. When the intensity of the light falling on the LDR is lowered, resistance of that unit increases, and lowers the voltage applied to the inverting input of the 741. The reference voltage at the noninverting input of the 741 is set (via R2) so that the comparator switches from low to high when the light falling on the LDR is reduced. That high activates transistor Q1, which causes the relay contacts to close. 
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