The Priesthood,a Specialized Occupation in Charge of a Large Religious

question 3

Multiple Choice

The priesthood,a specialized occupation in charge of a large religious organization,first developed in which type of societies?

• A)hunting and gathering
• B)horticultural
• C)agrarian
• D)industrial

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Definitions:

Marginal Cost

The increase in total cost resulting from producing one additional unit of a good or service.

Price Discriminate

A pricing strategy where a seller charges different prices for the same product or service to different customers, based not on costs, but on willingness to pay.

Economic Profit

The separation between overall turnover and cumulative costs, incorporating both direct and indirect expenditures.

Profit-Maximizing Monopolist

A monopoly firm that aims to achieve the highest possible profit by adjusting the price and output of its product or service.