Chapter 11 Q3. Graph the following aggregate supply an
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Chapter 11 Q3. Graph the following aggregate supply and demand curves REAL GDP (in $ TRILLIONS Price Supplied Demanded
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Chapter 11 Q3. Graph the following aggregate supply and demand curves REAL GDP (in $ TRILLIONS Price Supplied Demanded 100 7 17 110 10 11 140 13 8 200 15 7
(a) What explains the shape of the AS curve? (b) What is the equilibrium price level? (c) What is the equilibrium output? (d) If the quantity of output demanded at every price level increases by $1 trillion, what happens to equilibrium output and prices? Graph your answer.
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