Below is some data for a hypothetical economy:

-Refer to the information above to answer this question.What is the value of equilibrium income?
A)$583.33
B)$675
C)$700
D)$720
E)$780

Question

Below is some data for a hypothetical economy:
 
-Refer to the information above to answer this question.What is the value of equilibrium income?
A)$583.33 
B)$675 
C)$700 
D)$720 
E)$780

Quizplus · Accepted Answer

Equilibrium income is where aggregate demand (AD) equals aggregate supply (AS). Based on the given data, AD is $700 and AS is $700, so the equilibrium income is $700.

Below Is Some Data for a Hypothetical Economy