Instructions: Enter your answers as a whole number. a. What are the equilibrium price level and the equilibrium level of real output in this hypothetical economy? Equilibrium price level = Equilibrium level of real output = $ |billion Is the equilibrium real output also necessarily the full-employment real output? (Click to select) b. If the price level in this economy is 150, will quantity demanded equal, exceed, or fall short of quantity supplied? (Click to select) By what amount? $ |billion If the price level is 250, will quantity demanded equal, exceed, or fall short of quantity supplied? (Click to select) By what amount? $ billion c. Suppose that buyers desire to purchase $200 billion of extra real output at each price level. What are the new equilibrium price level and level of real output? Equilibrium price level = Equilibrium level of real output = $ billion %3!
Instructions: Enter your answers as a whole number. a. What are the equilibrium price level and the equilibrium level of real output in this hypothetical economy? Equilibrium price level = Equilibrium level of real output = $ |billion Is the equilibrium real output also necessarily the full-employment real output? (Click to select) b. If the price level in this economy is 150, will quantity demanded equal, exceed, or fall short of quantity supplied? (Click to select) By what amount? $ |billion If the price level is 250, will quantity demanded equal, exceed, or fall short of quantity supplied? (Click to select) By what amount? $ billion c. Suppose that buyers desire to purchase $200 billion of extra real output at each price level. What are the new equilibrium price level and level of real output? Equilibrium price level = Equilibrium level of real output = $ billion %3!
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter26: The Neoclassical Perspective
Section: Chapter Questions
Problem 21P: Use Table 26.3 to answer the following questions. Sketch an aggregate supply and aggregate demand...
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