-In the above figure, what is the short-run equilibrium real GDP and the short-run equilibrium price level?
Definitions:
Economic Profit
The difference between the total revenue earned by a business and the total opportunity costs of all resources used in production.
Competitive
Relating to or characterized by rivalry among sellers in a market, aiming to increase sales, market share, and customer loyalty by offering better terms.
Maximum
The highest or greatest possible amount or degree of something.
Long-Run Equilibrium
A state in which all factors of production and inputs in a market are fully adjusted to any economic changes, showing no tendency for further adjustment.
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