explain equilibrium gdp or equilibrium income by using AD and AS approach
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According AD and AS approach, the equilibrium is reached only when aggregate demand (AD) equals aggregate supply (AS) because at this level there is no tendency for income and output to change. The equilibrium is where AD intersects 45 line.
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According AD and AS approach, the equilibrium is reached only when aggregate demand (AD) equals aggregate supply (AS) because at this level there is no tendency for income and output to change. The equilibrium is where AD intersects 45 line
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