Figure 10-18 
-Based on Figure 10-18, when the aggregate demand curve is in the position AD1, the economy's position of long-run equilibrium corresponds to point
Definitions:
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price level in a market.
Law of Diminishing
The principle that states that as one input variable is incrementally increased, there will be a point at which the added output per unit of input will start to decrease, holding all other inputs constant.
Price-elasticity
A measure of how much the quantity demanded or supplied of a good responds to a change in its price.
Digital Media
A form of media that uses digital technology for distribution and presentation of content.
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