Price Level 0 ASS a b c Real GDP Refer to the figure above. If aggregate supply is AS, and aggregate demand is AD, then: AD a surplus of real output of gh yould 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 0 ASS a b c Real GDP Refer to the figure above. If aggregate supply is AS, and aggregate demand is AD, then: AD a surplus of real output of gh yould 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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![Price Level
AS
O
a b c
ASO
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
frepresents 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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1cbf9415-b889-4395-a683-a2ad3fc5975f%2F836468ab-1dd5-4aa4-a7eb-ebc8678684b9%2Farh1o8k_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Price Level
AS
O
a b c
ASO
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
frepresents 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
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