Amount of Real GDP Demanded,BillionsPrice Level$($Price Index$)$Amount of Real GDP Supplied, Billions$ $100300$$ $450$$ $200250400$$ $300200300$$ $400150200$$ $500100100$Instructions: Enter your answers as a whole number.$$a$.$What are the equilibrium price level and the equilibrium level of real output in this hypothetical economy?$$ Equilibrium price level $=$ Equilibrium level of real output $=$$ billion$$ Is the equilibrium real output also necessarily the full$-$employment real output?$($Click to select$)$ No Yes$$b$.$If the price level in this economy is $150,$ will quantity demanded equal, exceed, or fall short of quantity supplied?$($Click to select$)$ Exceed Equal Fall short$$ By what amount?$$ $ billion$$ If the price level is $250,$ will quantity demanded equal, exceed, or fall short of quantity supplied?$($Click to select$)$ Exceed Fall short Equal$$ By what amount?$$ $ billion$$c$.$Suppose that buyers desire to purchase $$200$ billion of extra real output at each price level. What are the new equilibrium price level and level of real output?$$ Equilibrium price level $=$ Equilibrium level of real output $=$$ billion