Use the table below to answer the following questions.
Table 26.3.1
-Refer to Table 26.3.1. Consider the economy represented in the table. The economy eventually moves to its long-run equilibrium. In long-run equilibrium, the price level is ________ and real GDP is ________ billion.
Definitions:
Equation
A mathematical statement that asserts the equality of two expressions, typically involving variables and constants.
Total Revenue
The overall amount of money generated by a business from its sales activities before any costs or expenses are deducted.
Price
The financial outlay presumed, obligatory, or given in payment for an object.
Demand Function
A mathematical expression showing the relationship between the quantity demanded of a good and various factors that affect this quantity, such as price, income, and prices of related goods.
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