-In the Above Figure, Autonomous Expenditure Is Equal to

question 86

Multiple Choice

-In the above figure, autonomous expenditure is equal to

• A) $0.
• B) $12 trillion.
• C) $14 trillion.
• D) $16 trillion.

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Definitions:

Equilibrium Value

The price and quantity at which the supply and demand for a good or service balance each other out.

VMPL Curve

The VMPL curve, or the Value of Marginal Product of Labor curve, represents the additional value created by employing one more unit of labor, holding other inputs constant.

Market Wage Rate

The prevailing rate of pay for a specific job in the competitive labor market, determined by supply and demand for labor.

Labor

The human effort, including physical and mental exertion, used in the production of goods and services.