equilibrium levels

Subdecks (2)

a) The concept of equilibrium real national output
Paper 2- UK economy performance & policies > Theme 2: The UK economy > National income 2.4 > equilibrium levels
21 cards
part b- use of AD/AS diagrams
Paper 2- UK economy performance & policies > Theme 2: The UK economy > National income 2.4 > equilibrium levels
74 cards

Cards (97)

what's the equilibrium position of national output?
e AD and AS curves intersect. If either AS or AD are shifted, then the equilibrium position will change
what does the size of the change depend on?
depend on size of shift and elasticity of the curve that hasn't moved