-In the Above Figure, What Are the Long-Run Equilibrium Price

question 117

Multiple Choice

-In the above figure, what are the long-run equilibrium price level and real GDP?

• A) 130 and $12 trillion
• B) 130 and $11.5 trillion
• C) 120 and $11.5 trillion
• D) 120 and $12 trillion

---

Definitions:

Video Games

Electronic games played through consoles, computers, or mobile devices, characterized by interactive gameplay and visual feedback.

Promise

A promise is a declaration or assurance that one will or will not do something, often creating an expectation or obligation.

Nominal Consideration

A very small or token amount paid in a transaction to make it legally valid, even though the actual value of the transaction may be much larger.

Freedom of Contract

The freedom to enter into and enforce contracts without unnecessary interference by the state.