Equilibrium Between Aggregate Supply and Aggregate Demand Is Best Described

question 43

Multiple Choice

Equilibrium between aggregate supply and aggregate demand is best described as a situation in which:

• A) quantity demanded exceeds quantity supplied
• B) the slope of aggregate demand equals the slope of aggregate supply
• C) aggregate quantity demanded equals aggregate quantity supplied at a unique price level
• D) quantity supplied exceeds quantity demanded at a unique price level

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Definitions:

Post-Closing Trial Balance

A list of all account balances after closing entries are made, used to check the equality of debits and credits and prepare for the next accounting period.

Correcting Entries

Journal entries made to amend previously recorded transactions that were entered incorrectly.

Adjusting Entries

Journal entries made in preparation for financial statements to allocate income and expenses to the period in which they actually occurred.

Balance Sheet Account

An account found on the balance sheet which can include assets, liabilities, and equity accounts.