Examlex
Which of the following is NOT characteristic of band-organized societies?
Specialization of Labor
The division of labor where individuals or groups focus on specific tasks or jobs, increasing efficiency and productivity.
Diminishing Marginal Returns
Diminishing marginal returns occur when the increase in output from adding an additional unit of input decreases, holding all other inputs constant.
Long-run Average Total Cost
The average cost per unit of output when all inputs, including capital, can be varied, and economies of scale are realized fully.
Unit Costs
The cost incurred by a business to produce, store, and sell one unit of a particular product or service.
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