Economics · Determination of Income and Employment
In macroeconomics, excess demand is defined as a situation where:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Aggregate output equilibrium is less than the full employment level
- 2Aggregate output equilibrium is exactly equal to the full employment level
- 3Aggregate demand is greater than aggregate supply at full employment level of output✓
- 4Output level increases at a constant marginal rate
Correct answer
Aggregate demand is greater than aggregate supply at full employment level of output
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