The diagram below shows the demand and supply curves in a perfectly competitive market.
FIGURE 12- 5
-Refer to Figure 12- 5.If output in this market were Q1,but the price was still at its free- market level,the loss in consumer surplus relative to the competitive equilibrium would be illustrated by area
Definitions:
Expert Power
Expert power is the influence one possesses due to their high level of skills, knowledge, or expertise in a particular area, which can impact others' behavior or decisions.
Trustworthy
describes the quality of being reliable, honest, and able to be trusted.
Technical Skills
Specific abilities and knowledge related to particular areas of expertise or technology necessary for proficient performance in a job or task.
Factual Knowledge
Pertains to information that is based on actual facts or reality, often verified through empirical evidence.
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