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This is known as the recessionary gap
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What is equilibrium GDP?
In the short run, equilibrium GDP is the level of output at which output and aggregate expenditure are equal
What is equilibrium output?
It is the output of an economy that equates aggregate supply with aggregate demand.
What happens to the equilibrium wage and quantity of labor if output rises?
The equilibrium wage falls and the equilibrium quantity of labor rises
Difference between actual output and potential output of an economy?
Actual output is the "real" GDP ( gross domestic product). potential output is the targeted output set by the government. the difference between the actual and potential output is UNDEREMPLOYMENT!
How output and employment equilibrium is achieved through production in the classical theory?
equlibrium output and employment
What is equilibrium GDP?
In the short run, equilibrium GDP is the level of output at which output and aggregate expenditure are equal
What is work efficiency?
The point where the y and x axis meet. You are at your maximum potential of output based on your Supply and Demand curves. See equilibrium .
What is equilibrium output?
It is the output of an economy that equates aggregate supply with aggregate demand.
Is equilibrium potential the same as resting potential?
The equilibrium potential refers to the electrochemical potential at equilibrium of a particular ion, as calculated by the Nernst equation. The resting potential refers to the weighted average based upon membrane permeabilities of all the equilibrium potentials of the various ions in a given cell, as calculated by the Goldman equation.
What happens to the equilibrium wage and quantity of labor if output rises?
The equilibrium wage falls and the equilibrium quantity of labor rises
Difference between actual output and potential output of an economy?
Actual output is the "real" GDP ( gross domestic product). potential output is the targeted output set by the government. the difference between the actual and potential output is UNDEREMPLOYMENT!
What is the Difference between membrane potential and equilibrium potential?
Equilibrium potential is referring to the equilibrium (or balance) established between the forces of diffusion and electrical forces specific to each ion. For example, the equilibrium potential for Potassium, K+, in a cell with a semi permeable membrane is -80mV or Ek+=80mV. The membrane potential, on the other hand, refers to the voltage across the membrane at anytime and takes into account a range of equilibrium potentials such as Potassium, Sodium etc.
How do you find equilibrium price when given output and total cost?
The equilibrium price is the unit cost, which is the same as the total cost divided by the number of units produced (output).
How output and employment equilibrium is achieved through production in the classical theory?
equlibrium output and employment
What is equilibrium potential for sodium?
60+ mv
When a surplus of a product will arise when price is above equilibrium or below equilibrium?
above equilibrium
If actual output exceeds potential output eventually what will happen?
According to the theories of macroeconomics, if actual output exceeds potential output, then the output will continue to grow as the price of inputs continues to fall.
