The table gives aggregate demand and supply schedules for a hypothetical economy.If the amount of real output demanded at each price level falls by $200, this might have been caused by
Definitions:
Elastic Supply
A situation where the supply of a good changes significantly when its price changes.
Tax Burden
The measure of the impact of taxation on an individual's or entity's income, assets, or purchasing power.
Elastic
Describes a situation in economics where the supply or demand for a good or service is sensitive to changes in price. In other words, a small change in price results in a larger change in quantity demanded or supplied.
Tax Burden
The measure of the total amount of taxes that an individual or business must pay, relative to their income or profit.
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