Multiple Choice
Which of the following is an incorrect statement?
A) Macroeconomic equilibrium occurs at the intersection of the aggregate demand and aggregate supply curves.
B) The aggregate supply curve indicates a positive relationship between the price level and GDP.
C) Other things equal, a downward shift of the aggregate demand curve implies that the economy is entering a contractionary phase.
D) Aggregate demand and aggregate supply determine the equilibrium price and quantity of any given good.
E) The aggregate demand curve indicates a negative relationship between the price level and GDP.
Correct Answer:
Verified
Correct Answer:
Verified
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