Equilibrium of aggregate supply and aggregate demand is best described as a situation in which
A)the slope of aggregate demand equals the slope of aggregate supply
B)quantity demanded exceeds quantity supplied
C)quantity demanded equals quantity supplied at a unique price level
D)quantity supplied exceeds quantity demanded at a unique price level
E)quantity supplied equals quantity demanded at all price levels

Question

Quizplus · Accepted Answer

Equilibrium of aggregate supply and aggregate demand occurs when the quantity demanded equals the quantity supplied at a unique price level. At this point, there is no excess demand or excess supply, and the market is in balance.

Equilibrium of Aggregate Supply and Aggregate Demand Is Best Described