Examlex
Which of the following is a characteristic that a small-scale society is likely to have?
Natural Monopoly
A market structure where a single provider is more efficient in supplying the entire market with a product or service, due to high fixed or startup costs.
Average-Cost Curve
The average-cost curve represents the total cost of production divided by the quantity of output produced, showing how the average cost per unit of product changes with changes in output level.
Government Regulation
Rules or laws established by governments to control or manage specific activities, businesses, or industries.
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