The graph shown displays various price and output levels in an economy. What does the "P" on the y-axis stand for?
A) Average price level
B) Inflation rate
C) Price of GDP
D) Price of Y

Name: The graph shown displays various price and output levels in an economy. What does the "P" on the y-axis stand for? A) Average price level B) Inflation rate C) Price of GDP D) Price of Y
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Question

The graph shown displays various price and output levels in an economy.  What does the "P" on the y-axis stand for?
A) Average price level 
B) Inflation rate 
C) Price of GDP 
D) Price of Y

Quizplus · Accepted Answer

The "P" on the y-axis likely stands for average price level, as the graph displays various levels of output and price.

The Graph Shown Displays Various Price and Output Levels in an Economy