Economics · Determination of Income and Employment
In simple macroeconomic models, the equilibrium level of output (Y) is determined by the condition where:
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- 1Full employment is achieved
- 2Excess demand is minimized
- 3Marginal output equals zero
- 4Aggregate Income (Y) equals Aggregate Demand (AD)✓
Correct answer
Aggregate Income (Y) equals Aggregate Demand (AD)
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