The relationship between the average price of aggregate output and the quantity of aggregate output demanded is:
a. aggregate price.
b. aggregate demand.
c. aggregate investment.
d. aggregate consumption.
b
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What are the four main limitations of GDP accuracy?
(D) Depreciation, price level, distortion, and underground economy. (B) Nonmarket activities, underground economy, negative externalities, and quality of life. (C) Durable good, nondurable good, black market, and negative externalities. (D) Trough, peak, recession, and depression.
An economy's production of two goods is efficient if
a. all members of society consume equal portions of the goods. b. the goods are produced using only some of society's available resources. c. it is impossible to produce more of one good without producing less of the other. d. the opportunity cost of producing more of one good is zero.