question 1a describe the three different ways of, Microeconomics

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question 1a describe the three different ways of

Question 1:

(a) Describe the three different ways of calculating national income.

(b) Does the National Income figure accurately reflect the living standardof a population? Discuss.

Question 2:

(a) Analyze the characteristics of a monopoly market.

(b) Distinguish between the short and long run equilibrium of a monopoly.

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