Determination of Income and Employment
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What is aggregate supply (AS)?

Aggregate supply is the value of total output available for purchase by the economy during a year. Aggregate supply is represented by national income.
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    What is meant by equilibrium?
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    What is aggregate demand (AD)?
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    How is Classical concept of AS different from Keynesian concept of AS?
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    Distinguish between inflationary gap and deflationary gap. Can deflationary gap exist at equilibrium level of income?
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