Asked by Rachel Romero on Apr 29, 2024
Verified
The aggregate supply curve represents:
A) the quantity of aggregate output that producers are willing and able to supply at each possible price level.
B) the total quantity of a particular good that all producers are willing to supply at each possible price level.
C) the total quantity of a particular good that all producers are willing to supply at the equilibrium price level.
D) the quantity of aggregate output that producers are willing and able to supply at the equilibrium price level.
E) the quantity of aggregate output that producers are willing and able to supply at the equilibrium level of GDP.
Aggregate Supply Curve
A graphical representation showing the relationship between the overall price level and the total output produced by an economy.
Output Producers
Businesses or individuals that create goods or services for consumption.
- Acquire insight into the creation and effects of the aggregate supply and demand curves.
Verified Answer
TB
Trevor BiermanMay 01, 2024
Final Answer :
A
Explanation :
The aggregate supply curve shows the total amount of goods and services that an economy's producers are willing and able to supply at each possible price level. This curve takes into account not only the prices of goods and services, but also the costs of production, such as wages and raw materials. Therefore, choice A is the correct answer.
Learning Objectives
- Acquire insight into the creation and effects of the aggregate supply and demand curves.