Suppose the economy is self-regulating, the price level is 150, the quantity demanded of Real GDP and the quantity supplied of Real GDP in the short run both equal $4.3 trillion, and the quantity supplied of Real GDP in the long run is $4.1 trillion. Given all of this information, we can conclude that the economy ____________ in short run equilibrium, and that the price level in long run
equilibrium will be _____________ than 150.
A) is not; less
B) is; more
C) is; less
D) is not; more
B
Economics
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Gross Domestic Product is calculated by adding together
a. the number of goods and services produced in the economy. b. money value of final goods and services. c. number of workers employed in national production. d. all commodities but not services produced in the economy.
Economics
Aggregate demand is _____________.
Fill in the blank(s) with the appropriate word(s).
Economics