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?<\/p>
2.Why do economists use real GDP rather than nominal GDP to gauge economic well-being? Explain with example.<\/p>", "transcribed_text": "", "related_book": { "title": "Intermediate Microeconomics and Its Application", "isbn": "9781111784300, 324599102, 1111784302, 978-0324599107", "edition": "11th edition", "authors": "walter nicholson, christopher snyder", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/228.jpg", "uri": "\/textbooks\/intermediate-microeconomics-and-its-application-11th-edition-228", "see_more_uri": "" }, "free_related_book": { "isbn": "1837901295", "uri": "\/textbooks\/the-girl-who-escaped-1st-edition-9781837901296", "name": "The Girl Who Escaped", "edition": "" }, "question_posted": "2024-06-12 18:10:03", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/atlantic-ferries-arranged-for-columbus-shipbuilders-to-build-three-new", "description": "Atlantic Ferries arranged for Columbus Shipbuilders to build three new ferries for its Nova Scotia to Prince Edward Island run. 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