Exhibit 11-3 -Refer to the Graph in the Exhibit.Consider an Economy Characterized

question 18

Multiple Choice

Exhibit 11-3

-Refer to the graph in the exhibit.Consider an economy characterized by the aggregate demand curve AD and the short-run aggregate supply curve SRAS50.What is the short-run equilibrium level of real GDP and the price level?  

• A) $300 and 20
• B) $500 and 20
• C) $300 and 40
• D) $500 and 50

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