Price Level O AS₁ a ASO O b c Real GDP Refer to the figure above. If aggregate supply is AS, and aggregate demand is ADo. then: a surplus of real output of gh would f represents a price level that would result in a surplus of real output of ac f represents a price level that would result in a shortage of real output of ac f represents a price level that would result in a surplus of real output of a at any price level above g. a shortage of real output would occur occur
Price Level O AS₁ a ASO O b c Real GDP Refer to the figure above. If aggregate supply is AS, and aggregate demand is ADo. then: a surplus of real output of gh would f represents a price level that would result in a surplus of real output of ac f represents a price level that would result in a shortage of real output of ac f represents a price level that would result in a surplus of real output of a at any price level above g. a shortage of real output would occur occur
Principles of Macroeconomics (MindTap Course List)
7th Edition
ISBN:9781285165912
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter20: Aggregate Demand And Aggregate Supply
Section: Chapter Questions
Problem 4QCMC
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