The Following Aggregate Demand and Supply Schedules Are for a Hypothetical

question 163

Multiple Choice

The following aggregate demand and supply schedules are for a hypothetical economy: Refer to the above data.If the amount of real output demanded at each price level falls by $200, the equilibrium price level and equilibrium level of real domestic output will fall to:

• A)250 and $200, respectively.
• B)200 and $300, respectively.
• C)150 and $300, respectively.
• D)150 and $200, respectively.

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Definitions:

Extreme Values

Values in a data set that are significantly higher or lower than the majority of the observations.

Box Plot

A standardized way of displaying the distribution of data based on a five number summary: minimum, first quartile, median, third quartile, and maximum.

Distribution

The method by which something is distributed among a group or dispersed across an area.

Third Quartile

The value below which 75% of the data in a data set falls, or the upper quartile in a distribution of data.