Question

Ise:
:. Write True if the state is correct and False if otherwise on the space provided for.
1. In economics, the macroeconomic equilibrium is a state where aggregate supply
equals aggregate demand.
2. The aggregate supply determines the extent to which the aggregate demand increases
the output and prices of a good or service.
3. Determining the supply and demand for a good or services provides a model of price
determination in a market.
4. In a competitive market, the unit price for a good will vary until it settles at a point
where the quantity demanded equals the quantity supplied.
5. If quantity demand increases and supply remains unchanged, a shortage occurs, lead-
ing to a higher price until the quantity demanded is pushed back to equilibrium.
6. If quantity demand decreases and supply remains unchanged, a surplus occurs, lead -
ing to a lower price until the quantity demanded is pushed back to equilibrium.
7. If quantity demand remains unchanged and supply increases, a surplus occurs, lead-
ing to a lower price until the quantity supplied is pushed back to equilibrium.
8. If quantity demand remains unchanged and supply decreases, a shortage occurs, lead-
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Answer 1

Answer:

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