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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

A change in the price level affects which of the following?

  1. a. The quantity demanded of Real GDP
  2. b. Aggregate demand
  3. c. Short-run aggregate supply
  4. d. The quantity supplied of Real GDP

To determine

Explain the change in price affect.

Explanation

Option (a):

A change in price level, would affect the quantity demanded of Real GDP by movement along the aggregate demand (AD) curve. Thus option (a) is correct.

Option (d):

A change in price level, would affect the quantity demanded of Real GDP and quantity supplied by movement along the aggregate demand (AD) curve. Thus option (d) is correct...

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