Question: 23 Which statement below is true of BOTH aggregate supply and aggregate demand? Price level and GDP are on the two axes of the graph.

23 Which statement below is true of BOTH aggregate supply and aggregate demand?

  • Price level and GDP are on the two axes of the graph.
  • This represents the amount the economy can produce at different price levels.
  • The intersection of this with the SRAS curve shows the current level of RGDP.
  • It gives the perception that wealth has increased, resulting in an increase in consumption, C.

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