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If actual real GDP is greater than the equilibrium level of real GDP (i.e., the aggregate expenditures function is below the 45-degree line), what happens to restore equilibrium to the economy?
Price
The fee anticipated, needed, or handed over as payment for a service or product.
Average Cost Price
The mean cost per unit of production, calculated by dividing total costs by total output.
Price
The amount of money required to purchase a good or service, reflecting its value in the marketplace.
Deadweight Loss
A loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable.
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