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True typesetting, as any typographer will tell you, is one space after a period.
That implies that there should be the same amount of space after a period as after a word, which is untrue. With true typesetting, the space after a word is different than space after a period, usually about a space and a half. Most good typesetting utilities are smart enough to recognize this and automatically do the right thing (including fixing double spaces, for that matter). In fact, you sometimes have to specifically tell typesetting software that a specific period is not used to end a sentence, often in the cases of abbreviations and titles. I still use double spaces after periods because it's more correct in a dumb setting, and most smart settings are smart enough to fix it for me.
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Bitt Faulk