Provide an Appropriate Response $0 = 7$ What Does This Indicate to You About the System

question 34

Essay

Provide an appropriate response.
-When using the substitution or elimination method to solve a system of two equations, you end up with an equation stating $0 = 7$ . What does this indicate to you about the system of equations?

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Definitions:

Aggregate Demand Curve

A graphical representation showing the relationship between the total quantity of goods and services demanded across all sectors of an economy and the price level, all else being equal.

Recessionary Gap

The difference between the actual level of GDP and the potential level of GDP in an economy, indicating economic underperformance.

Classical Economists

A group of 18th- and 19th-century economists who believed that economic downturns corrected themselves through natural market forces; thus, they believed the economy was self-correcting and needed no government intervention.

John Maynard Keynes

An influential British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments.