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Are the short-run average total cost curve and the long-run average cost both U-shaped for the same reasons? If so, carefully explain these reasons. If not, explain why each curve is U-shaped.
Store Loyalty
The tendency of customers to continue shopping at the same store or brand rather than switching to competitors.
Temporal State
Refers to the condition or state of something at a specific time, often used in psychology to describe how timing affects human behavior and decision-making.
Behavioral Component
A component of attitude that comprises the actions a person takes with regard to the issue at hand.
Physical State
The condition of matter with respect to structure, form, phase, or other physical properties.
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