Refer to the Information Provided in Table 21

question 122

Multiple Choice

Refer to the information provided in Table 21.8 below to answer the question(s) that follow.
Table 21.8
-Refer to Table 21.8. The value for personal income in billions of dollars is

• A) 970.
• B) 1,000.
• C) 1,050.
• D) 1,110.

---

Definitions:

Long-Run Equilibrium

A state in which all factors of production and outputs are adjustable, and all economic processes are fully adapted to any changes.

Competitive Supply

The total quantity of a good or service that is available to consumers, determined by the sum of all individual suppliers’ quantities at each price level in a competitive market.

Elasticity of Supply

An evaluation of the extent to which the amount of a good provided alters as a result of variations in its price.

Equilibrium Price

The price at which the quantity of goods supplied equals the quantity of goods demanded.