-Refer to the above diagram.The equilibrium level of GDP for this private open economy is Y₃.

Name: -Refer to the above diagram.The equilibrium level of GDP for this private open economy is Y 3 .
Brand: Quizplus
Rating: 4.9 (40 reviews)

Question

Quizplus · Accepted Answer

The equilibrium level of GDP in a diagram is typically where aggregate demand equals aggregate supply, not necessarily at Y₃ unless specified by the diagram.

-Refer to the Above Diagram