In the aggregate demand/aggregate supply model, a country's full-employment real GDP is represented by:
A. prices.
B. aggregate demand.
C. aggregate supply.
D. an increase in the general level of prices.
Answer: C
Economics
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The above figure shows the domestic market for tomatoes. Suppose this market is isolated from global competition and there is a support price set at $16. In this figure, what area equals the consumer surplus?
A) area A + area B + area C B) area A + area F C) area C + area D + area E + area G D) area A E) area F
Economics
If average fixed cost and average variable cost are summed together, the result is: a. total revenue
b. total profit. c. total cost. d. average total cost.
Economics