In the Aggregate Demand-Aggregate Supply Model, Short-Run Equilibrium Occurs at the Combination

question 91

Multiple Choice

In the aggregate demand-aggregate supply model, short-run equilibrium occurs at the combination of output and prices where:

• A) aggregate demand equals long-run aggregate supply.
• B) aggregate demand equals short-run aggregate supply.
• C) aggregate demand equals short-run and long-run aggregate supply.
• D) short-run aggregate supply equals long-run aggregate supply.

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Definitions:

Cheesecake

A sweet dessert consisting of one or more layers, primarily a thick layer of cream cheese and egg mixture set atop a base made from crushed cookies, crackers, or sponge cake.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, leading to market stability where there is no excess supply or demand.

Consumption Tax

A tax on the spending on goods and services purchased by consumers.

Income

Regular revenue generated through employment or by making investments.