At a Short-Run Macroeconomic Equilibrium,real GDP Is Always Equal to Potential

question 204

True/False

At a short-run macroeconomic equilibrium,real GDP is always equal to potential GDP.

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Definitions:

Cost Data

Information about the expenses incurred in the production of goods or services.

Market Price

The price at which a good or service is offered in the marketplace.

Short-Run Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity supplied over a short period, when some production variables are fixed.

Marginal Cost Curve

A visual chart that illustrates the change in the expense associated with producing an extra unit of a product as the total output grows.