Price Level O AS₁ a ASO O b c Real GDP Refer to the figure above. If aggregate supply is AS, and aggregate demand is ADo. then: a surplus of real output of gh would f represents a price level that would result in a surplus of real output of ac f represents a price level that would result in a shortage of real output of ac f represents a price level that would result in a surplus of real output of a at any price level above g. a shortage of real output would occur occur

Price Level O AS₁ a ASO O b c Real GDP Refer to the figure above. If aggregate supply is AS, and aggregate demand is ADo. then: a surplus of real output of gh would f represents a price level that would result in a surplus of real output of ac f represents a price level that would result in a shortage of real output of ac f represents a price level that would result in a surplus of real output of a at any price level above g. a shortage of real output would occur occur

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter33: Aggregate Demand And Aggregate Supply

Section: Chapter Questions

Problem 4CQQ

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