The relationship between the price level and the quantity of real GDP supplied is
A)full employment output.
B)inflationary or recessionary gap.
C)aggregate supply.
D)supply-side equilibrium.

Question

Quizplus · Accepted Answer

The relationship between the price level and the quantity of real GDP supplied is known as aggregate supply. This refers to the total amount of goods and services that firms are willing and able to produce at a given price level. The aggregate supply curve shows the quantity of output that firms are willing to supply at each price level.

The Relationship Between the Price Level and the Quantity of Real