Figure 11.3: -Using Figure 11.3,if the Economy Is in Equilibrium at a Equilibrium

Multiple Choice

Figure 11.3:
-Using Figure 11.3,if the economy is in equilibrium at a real output of Q₃ then:

A) Aggregate demand must be AD₁.
B) Aggregate supply could be either AS₁ or AS₂ depending on the level of aggregate demand.
C) The equilibrium price level is P₂.
D) Aggregate demand is AD₂ and aggregate supply is AS₂.