Question: I need help with this question please Answer the question on the basis of the following aggregate demand and supply schedules for a hypothetical economy:
I need help with this question please

Answer the question on the basis of the following aggregate demand and supply schedules for a hypothetical economy: Amount of Real Price Level Amount of Real Output Demanded (Index Value) Output Supplied $200 300 $500 300 250 450 400 200 400 500 150 300 600 100 $200 Refer to the data. If the price level is 250 and producers supply $450 of real output: ( 1) a shortage of real output of $150 will occur. 2) a shortage of real output of $100 will occur. 3) a surplus of real output of $150 will occur. ( 4) neither a shortage nor a surplus of real output will occur
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
