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Determination Of Income And Employment

Question

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How is equilibrium output determined under fixed price in short-run?

Solution

Under fixed price in short–run, equilibrium output is determined solely by aggregate demand at this price.

Some More Questions From Determination of Income and Employment Chapter

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?

State relationship between income and saving.

What is saving function (or Propensity to save)?

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