-In the above figure, the economy is at point A when changes occur. If the new equilibrium has a price level of 100 and real GDP of $11.0 trillion, then it must be the case that
Definitions:
Tenacity
The quality or state of being very determined and persistent in pursuing goals.
Intuition
An immediate understanding of knowledge without the need for conscious reasoning.
Authority
Refers to the power or right to give orders, make decisions, and enforce obedience, or the cited source of expert information.
Empiricism
The philosophical stance or method that emphasizes the importance of sensory experience and observation in obtaining knowledge.
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