Based on the data in the table and graph below, identify the equilibrium GDP: Price LevelReal GDP/Output in $ billionReal GDP/Spending in $ billion8010018090120160100140140110160125120170115130175105140178100 Group of answer choices$160 billion$100 billion$140 billion$40 billion

Equilibrium GDP (Gross Domestic Product) is the level of output in an economy where the total…

Answered: Based on the data in the table and…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Based on the data in the table and graph below, identify the equilibrium GDP:

Price Level	Real GDP/Output in $ billion	Real GDP/Spending in $ billion
80	100	180
90	120	160
100	140	140
110	160	125
120	170	115
130	175	105
140	178	100

Group of answer choices

$160 billion

$100 billion

$140 billion

$40 billion

Definition Video Definition Point where the demand and supply curves intersect. At the equilibrium price the quantity supplied of a good is equal to the quantity demanded. When the market is not in equilibrium, market surplus or market shortage occurs. The region that is above the price equilibrium indicates market surplus and the region below the price equilibrium indicates market shortage. Video

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