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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.At the free-market equilibrium,consumer surplus is represented by the area
Faster Decisions
The acceleration of decision-making processes, often through improved technology or strategic planning.
More Errors
Refers to an increase in mistakes or inaccuracies in a particular process or task.
System 1
A term often used in psychology, referring to the fast, automatic, and often unconscious way of thinking, as opposed to the slower, more deliberate, and more logical System 2.
System 2
A term often related to dual-process theories in psychology, highlighting slower, more deliberative, and logical thinking, as opposed to intuitive and fast reactions.
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