Question

What do you mean by equilibrium level of income and employment ?

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

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Answer 2

Answer:

According to the Keynesian theory, the equilibrium level of income in an economy is determined when aggregate demand, represented by C + I curve is equal to the total output (Aggregate Supply or AS). Aggregate demand comprises of two components: 1.

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