The following are aggregate demand and supply schedules for a hypothetical economy.All figures are in $ billions.
Note: Potential GDP is 3,000.
-Refer to the information above to answer this question.Assume that technological change increases aggregate supply by 340.What will the equilibrium price and quantity be?
Definitions:
Tai Chi
A Chinese martial art and form of stylized, meditative exercise, characterized by slow, flowing movements and focused on breathing and mental concentration.
Biofeedback
A technique that trains individuals to improve their health by controlling certain bodily processes that normally happen involuntarily.
Muscle Tension
The state of being contracted and stiff in muscles, often as a response to stress or physical activity.
Physiological Processes
The functions and activities occurring in living organisms to sustain life, including digestion, respiration, and reproduction.
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