Exhibit 11-3 -Refer to the Graph in the Exhibit.Consider an Economy Characterized

Multiple Choice

Exhibit 11-3

-Refer to the graph in the exhibit.Consider an economy characterized by the aggregate demand curve AD and the short-run aggregate supply curve SRAS50.What is the short-run equilibrium level of real GDP and the price level?  

A)  $300 and 20 
B)  $500 and 20 
C)  $300 and 40 
D)  $500 and 50