The short-run equilibrium output in the economy described by the figure given below is Y₁.

Name: The short-run equilibrium output in the economy described by the figure given below is Y 1 .
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Based on the figure given, the short-run equilibrium output occurs where the aggregate demand (AD) intersects the short-run aggregate supply (SRAS) curve, which is at point U1. The corresponding price level is P1. Therefore, the short-run equilibrium output is Y₁.

The Short-Run Equilibrium Output in the Economy Described by the Figure