Question
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
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?
2.Why do economists use real GDP rather than nominal GDP to gauge economic well-being? Explain with example.
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Managerial Economics
Authors: Paul Keat, Philip K Young, Steve Erfle
7th edition
0133020266, 978-0133020267
