Based on the figure above, short-run equilibrium occurs at the price level of
A) 120 and real GDP of $5 trillion.
B) 130 and real GDP of $10 trillion.
C) 140 and real GDP of $15 trillion.
D) 130 and real GDP of $15 trillion.
B
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Technologically efficient production plans are also economically efficient.
Answer the following statement true (T) or false (F)
Since it is always a negative number, economists use the convention of taking the absolute value of:
A. the elasticity of total revenue. B. the price elasticity of surpluses. C. the price elasticity of shortages. D. price elasticity of demand.
The demand curve faced by a monopolistically competitive firms is
A. downward sloping. B. horizontal. C. vertical. D. unitary elastic.
Evidence suggests that the 1996 Welfare reform laws increased work by welfare recipients through
A. increased use of work requirements and incentives. B. increased use of work requirements only. C. increased use of work incentives only. D. pure coincidence.