Explain the determination of equilibrium level …
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Meghna Thapar 4 years, 9 months ago
In the short run, the equilibrium price level and the equilibrium level of total output are determined by the intersection of the aggregate demand and the short-run aggregate supply curves. In the short run, output can be either below or above potential output. Output is at its equilibrium when quantity of output produced (AS) is equal to quantity demanded (AD). The economy is in equilibrium when aggregate demand represented by C + I is equal to total output.
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