Given AD₁ and AS₁,if the Average Price Level in Figure

question 107

Multiple Choice

Given AD₁ and AS₁,if the average price level in Figure 8.3 were at P₃,

• A)A surplus would exist initially.
• B)The aggregate quantity demanded would exceed the aggregate quantity supplied.
• C)The average price level would rise.
• D)The equilibrium price level would be P₃.

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