QUESTION 184036322824201612840-4E,QI18. What is the equilibrium level of income?O (a) 4O (b) 8O (c) 12O (d) 24(e) zero16243240ỞAE

Answered: 18. What is the equilibrium level of…

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18. What is the equilibrium level of income? ○ (a) 4 (b) 8 O (c) 12 (d) 24 O(e) zero

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter22: Inflation

Section: Chapter Questions

Problem 18RQ: What is deflation?

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Step 1: Define the equilibrium

The equilibrium occurs when the aggregate demand is equal to aggregate supply.. The level of income is determined by the expenditure. Thus, when spending rises, it leads to rise in the equilibrium level of income as well.

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