Question

ls equilibrium level of income & output always associated with full employment?Explain.​

Answer 1

Answer:

The equilibrium level of income refers to when an economy or business has an equal amount of production and market demand. ... An economy is said to be at its equilibrium level of income when aggregate supply and aggregate demand are equal. In other words, it is when GDP is equal to total expenditure.

Answer 2

Answer:

The equilibrium level on income may be determined at a level less than full employment where the market is clear even in under utilization of resources , more than the full employment where market is clear even if resources are over utilized or equal to level of full employment.