According to Say's law desired production are always more than actual production. desired expenditures cannot be compared with actual expenditures. desired expenditures are always equal to actual expenditures. desired expenditures are always less than actual production. QUESTION 67 An inflationary gap occurs when the short-run equilibrium level of real GDP is less than long-run aggregate supply. the short-run equilibrium level of real GDP is greater than long-run aggregate supply. aggregate demand falls, but other things remain constant. short-run aggregate supply falls, but other things remain constant