Question

If the quantity of real domestic output demanded increased by $1,000 at each price level, the new equilibrium price level and quantity of real domestic output would be

Answer 1

If the quantity of real domestic output demanded increased by $1,000 at each price level, then, according to macroeconomics, the new equilibrium price level and quantity of real domestic output would be 150 and $4,000.

What is macroeconomics?

• Macroeconomics is a subfield of economics that focuses on the behavior of an economy as a whole, including the market and other large-scale processes.
• Inflation, price levels, economic growth rates, national income, gross domestic product (GDP), and variations in unemployment are only a few examples of the phenomena that macroeconomics analyzes.
• Macroeconomics makes an effort to assess how well an economy is operating, comprehend the forces that shape it, and predict how performance could increase.
• In contrast to microeconomics, which focuses primarily on the decisions made by individual economic actors, macroeconomics examines the functioning, structure, and behavior of the entire economy (like people, households, industries, etc.).

Curves of supply and demand cross at the equilibrium price. We would forecast that the market will function at this pricing.

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