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Determination Of Income And Employment

Question

What is meant by equilibrium?

Solution

Equilibrium literally means state of balance. Equilibrium between AD and AS occurs when at a particular price level, aggregate demand equals aggregate supply.

Some More Questions From Determination of Income and Employment Chapter

State relationship between income and consumption.

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Determination Of Income And Employment

What is meant by equilibrium?

Some More Questions From Determination of Income and Employment Chapter

State relationship between income and consumption.

What is Breakeven point?

What are the types of Propensity to consume?

How does MPC affect level of income?

Distinguish between APC and MPC, The value of which of APC and MPC can be greater than one and when?

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