Refer to the information provided in Figure 24.1 below to answer the question(s) that follow. Figure 24.1
-Refer to Figure 24.1. At equilibrium, $1,000 billion represents

Question

Refer to the information provided in Figure 24.1 below to answer the question(s) that follow.  Figure 24.1
-Refer to Figure 24.1. At equilibrium, $1,000 billion represents

Quizplus · Accepted Answer

Equilibrium income is the level of income at which aggregate expenditure equals aggregate output. At equilibrium, the part of consumption that is dependent on income (autonomous consumption) is represented by the vertical intercept of the consumption function, while the part of consumption that is not dependent on income (induced consumption) is represented by the slope of the consumption function.

Refer to the Information Provided in Figure 24