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Given AD1 and AS1,if the Average Price Level in Figure

Question 97

Multiple Choice

Given AD<sub>1</sub> and AS<sub>1</sub>,if the average price level in Figure 8.3 were at P<sub>3</sub>, A) A surplus would exist initially. B) The aggregate quantity demanded would exceed the aggregate quantity supplied. C) The average price level would rise. D) The equilibrium price level would be P<sub>3</sub>. Given AD1 and AS1,if the average price level in Figure 8.3 were at P3,


A) A surplus would exist initially.
B) The aggregate quantity demanded would exceed the aggregate quantity supplied.
C) The average price level would rise.
D) The equilibrium price level would be P3.

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