634
QuizMultiple Choice

Cumulative Exam — Cumulative exam

Question 634 • Career Explorations A

Aggregate supply is best described as the

Answer
A
total output of all products and services.
B
point of equilibrium.
C
nation’s real gross national product.
D
excess supply in the market.

Explanation

Aggregate supply is the total quantity of goods and services that producers in an economy are willing and able to supply. Thus, it is best described as the total output of all products and services. It is not the equilibrium point, which occurs where aggregate supply and aggregate demand meet.

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