Use the following table, which shows the aggregate demand and aggregate supply schedule for a hypothetical economy, to answer the next question.Real Domestic Output Demanded (in billions)Price Level (index value)Real Domestic Output Supplied (in billions)$500350$3,5001,0003003,0001,5002502,5002,0002002,0002,5001501,5003,0001001,000If the quantity of real domestic output demanded increased by $1,000 at each price level, the new equilibrium price level and quantity of real domestic output would be ________.
A. 150 and $2,500
B. 300 and $3,000
C. 250 and $2,500
D. 200 and $2,000
Answer: C
Economics
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Explain what economic efficiency is. How does a price system lead to economic efficiency?
What will be an ideal response?
Economics