Which of the following statements best describes the aggregate supply curve? A) The aggregate supply curve represents the relationship between the price level and the total output or real GDP in the macroeconomy. B) The aggregate supply curve represents the relationship between the inflation rate and the total output or real GDP in the macroeconomy. C) The aggregate supply curve represents the relationship between the inflation rate and the total demand or real GDP in the macroeconomy. D) The aggregate supply curve represents the relationship between the price level and the potential output or GDP in the macroeconomy.
Which of the following statements best describes the aggregate supply curve? A) The aggregate supply curve represents the relationship between the price level and the total output or real GDP in the macroeconomy. B) The aggregate supply curve represents the relationship between the inflation rate and the total output or real GDP in the macroeconomy. C) The aggregate supply curve represents the relationship between the inflation rate and the total demand or real GDP in the macroeconomy. D) The aggregate supply curve represents the relationship between the price level and the potential output or GDP in the macroeconomy.
Chapter14: Aggregate Demand And Supply
Section: Chapter Questions
Problem 9SQP
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Which of the following statements best describes the
A) The aggregate supply curve represents the relationship between the price level and the total output or real GDP in the macroeconomy.
B) The aggregate supply curve represents the relationship between the inflation rate and the total output or real GDP in the macroeconomy.
C) The aggregate supply curve represents the relationship between the inflation rate and the total demand or real GDP in the macroeconomy.
D) The aggregate supply curve represents the relationship between the price level and the potential output or GDP in the macroeconomy.
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