Refer to the following graph. In order to get an expansion in real income and a lower price level then
a. aggregate demand would have to increase.
b. aggregate demand would have to decrease.
c. aggregate supply would have to increase.
d. aggregate supply would have to decrease.
c. aggregate supply would have to increase.
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Changing the price of good Y will
A. only affect the demand for that good. B. have effects across some markets. C. keep prices down in all markets. D. have no effect.
Which of the following statements is not true about the economy of the Middle Colonies?
a. It was a net importer of food. b. The farms were generally smaller than those in the South. c. Wheat and flour were exported from this region. d. Its main agricultural products were grains.
Which of the following is the best example of a market that exhibits network externalities?
A. Education B. Agriculture C. Electricity D. Social media
In the graph shown above at a price of $4.50
A. there is a shortage.
B. there is a surplus.
C. there is a both a shortage and a surplus.
D. there is neither a shortage nor a surplus.