Which of the following statements concerning the aggregate demand and aggregate supply model is correct? a. The aggregate demand and aggregate supply model is nothing more than a large version of the model of market demand and supply. b. The price level and quantity of output adjust to bring aggregate demand and supply into balance. c. The aggregate supply curve shows the quantity of goods and services that households, firms, and the government want to buy at each price. d. The aggregate demand shows the quantity of goods and services that firms are willing to produce at a given price level.
Which of the following statements concerning the aggregate demand and aggregate supply model is correct? a. The aggregate demand and aggregate supply model is nothing more than a large version of the model of market demand and supply. b. The price level and quantity of output adjust to bring aggregate demand and supply into balance. c. The aggregate supply curve shows the quantity of goods and services that households, firms, and the government want to buy at each price. d. The aggregate demand shows the quantity of goods and services that firms are willing to produce at a given price level.
Chapter14: Aggregate Demand And Supply
Section: Chapter Questions
Problem 9SQP
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Question
Which of the following statements concerning the aggregate demand and aggregate supply model is correct?
a. |
The aggregate demand and aggregate supply model is nothing more than a large version of the model of market demand and supply.
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b. |
The price level and quantity of output adjust to bring aggregate demand and supply into balance.
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c. |
The
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d. |
The aggregate demand shows the quantity of goods and services that firms are willing to produce at a given price level.
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