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The diagram below shows the demand and supply curves in a perfectly competitive market.
FIGURE 12-5
-Refer to Figure 12-5. In the free-market equilibrium, producer plus consumer surplus is maximized and is illustrated by the area
Personal Traits
characteristics or qualities that define an individual's personality and behavior.
Situational Influences
Factors in the environment or specific situation that affect people's behavior, decisions, and feelings.
Role Playing
A method of training or therapeutic intervention where individuals act out roles in a simulated situation, often used to develop skills or resolve conflicts.
Fundamental Attribution Error
A cognitive bias where people tend to overemphasize personal characteristics and underestimate situational factors in explaining others' behavior.
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