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As a marketing director,you have developed a line of skincare products focused on current needs that consumers have,including matters like wrinkles,sun effects,fine lines,and exfoliation for both men and women.Selena and her husband David have purchased several products from the skincare line and are satisfied consumers.
Selena decides to purchase a cream to minimize fine lines because she notices some developing around her eyes.David's brother,André,purchases a product for sun effects after David mentioned how well it worked.Which types of consumer behaviors are exhibited in the scenario above?
Average-total-cost Curve
A graphical representation that shows the average total cost of producing each quantity of output.
Marginal-cost Curve
The marginal-cost curve depicts how the cost of producing one additional unit of a good or service varies as production increases.
Economies of Scale
The cost advantage that arises with increased output of a product, as costs are spread over a larger number of goods.
Wealth of Nations
A seminal book by Adam Smith that discusses economic principles and introduces the concept of the “invisible hand” guiding free markets.
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