For the aggregate demand and aggregate supply listed in schedule #3 of the table given below,the equilibrium output level and price level are:
Table 10.1
Quantity of
Aggregate Output
Demanded
Price
Level
Quantity of
Aggregate Output Supplied
#1
#2
#3
$7) 0
110
$5) 0
$6) 0
$4) 0
6) 5
120
5) 5
6) 5
4) 5
6) 0
130
6) 0
7) 0
5) 0
5) 5
140
6) 5
7) 5
5) 5
5) 0
150
7) 0
8) 0
6) 0
A) $7.0 and 110,respectively.
B) $6.5 and 120,respectively.
C) $6.0 and 130,respectively.
D) $5.5 and 140,respectively.
E) $5.0 and 150,respectively.
Correct Answer:
Verified
Q24: The short-run aggregate supply curve shows a(n):
A)direct
Q32: Given implicit or explicit resource price agreements,if
Q33: The short-run aggregate supply curve:
A)is positively sloped.
B)is
Q36: The slope of the short-run aggregate supply
Q38: If the price level in an economy
Q49: In the aggregate demand-aggregate supply model,which of
Q55: The more the short-run output exceeds an
Q57: The long run is the period of
Q59: An expansionary gap is equal to:
A)real GDP
Q65: For the aggregate demand and aggregate supply
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents