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Discuss the common characteristics of a small-scale subsistence society. Include at least three specific features.
Natural Monopoly
A market situation where the most cost-efficient production level is achieved by a single firm due to high fixed or start-up costs, making it impractical for new entrants.
Marginal Cost
The change in total cost that arises when the quantity produced is incremented by one unit.
Output
The total amount of products or services produced by a company, industry, or economy within a specific period.
Price
The amount of money required to purchase a good or service; the value that must be exchanged to obtain a particular item.
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