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sammy [17]
3 years ago
10

Which element in the article indicates that when the article refers to GDP, it is talking about inflation-adjusted GDP

Business
1 answer:
Serjik [45]3 years ago
3 0

Answer: inflation corrected or constant prices

Explanation:

Real gross domestic product is an inflation adjusted measure that reflects the value of all goods and services produced by a state economy in a year. It is often to as either constant dollar GDP, inflation corrected or constant prices

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Suppose the market for plain white t-shirts is perfectly competitive and in long-run equilibrium. Now suppose the demand for pla
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In the new long-run equilibrium, there would be an increase in the number of suppliers of t-shirts.

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A perfect competition is when there are many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply.

When demand for t-shirts increase, there would be an excess of demand over supply. This would lead to a shortage. This would increase the price of t-shirts. In the long run, more suppliers would enter into the industry and this would increase supply of t-shirts. As a result, equilibrium would be restored.

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