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Why an economy income must equal its expenditure

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Reference no: EM132954455

1. If a firm is making abnormal profit in the short run, what will happen to these profits in the long run assuming the conditions for a highly competitive market exists?

1. Why do economists use real GDP rather than nominal GDP to gauge economic well-being? Explain with example.

2. Explain why an economy's income must equal its expenditure using circular flow diagram.

Reference no: EM132954455

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