In the above figure, the aggregate demand curve is AD2, so the long-run equilibrium level of real GDP is
A) $16 trillion.
B) $16.5 trillion.
C) more than $16 and less than $16.5 trillion.
D) None of the above answers is correct.
A
Economics
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What is the marginal cost of producing the third unit?
a. 60 b. 70 c. 90 d. 110
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Economists predicted that the price of a depletable natural resource would rise by about 15 percent. Actually the price fell 10 percent. What most likely happened?
a. A government subsidy was removed. b. Extraction costs increased. c. Price controls were suspended. d. An unexpected discovery of reserves was made.
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