The final (third) stage of labor is characterized by the delivery of the placenta (after birth).
Labor may be defined as the complete set of processes that are taken at the time of childbirth.
There are three stages of labor which are characterized specifically one by one. The first stage deals with the dilation of the cervix, the second stage includes the delivery of the baby, while the third and final stage is characterized by pushing out or delivering of the placenta.
Therefore, the final (third) stage of labor is characterized by the delivery of the placenta (after birth).
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