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If the economy is currently in equilibrium at a level of GDP that is above potential GDP,which of the following would move the economy back to potential GDP?
Average Cost
The total cost of production divided by the quantity produced, indicating the cost of producing each unit of output.
Equilibrium Population
It is the size of a population at which the number of births equals the number of deaths, resulting in a stable population level over time.
Production Function
An equation that describes the maximum output achievable with a given set of inputs or resources.
Factor Price
The price paid for the use of a factor of production such as labor, capital, or land.
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