The following question are based on the following information:
-If intended spending exceeds the total value of final goods and services produced
Definitions:
Output Sold
The total quantity of goods or services that have been sold within a specific period.
Supply Curve
A graphical representation that shows the relationship between the price of a good and the quantity of the good that suppliers are willing and able to produce and sell.
Total Variable Costs
The overall expense that changes in proportion to the level of output or production activity.
Output
The total amount of goods or services produced by a company, industry, or economy within a specific period.
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