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Select which ONE of the following is NOT an outcome of a competitive market. O Represents most productive use of all resources O Achieves maximum
Select which ONE of the following is NOT an outcome of a competitive market. O Represents most productive use of all resources O Achieves maximum total consumer and producer surplus Achieves allocation efficiency Consumers don't have to make decisions that involve trade-offs O 0 economic profits for firmsUse the following graph to answer the following question. This graph depicts an economy where aggregate demand has decreased, with no change in either short-run aggregate supply (SRAS) or long-run aggregate supply (LRAS). Price level SRAS Pi ADI AD Road GOP The graph accurately summarizes what happened during the Great Depression, because during that time, the price level and real gross domestic product (GDP) increased; decreased remained unchanged; decreased O decreased; increased O remained unchanged; remained unchanged O decreased; decreased
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