What is long-run macroeconomic equilibrium?
Question:
What is long-run macroeconomic equilibrium?
Equilibrium:
Equilibrium is a macroeconomic term that is used to define the point at which the demand for a product is equal to the supply of the product at a given price point. Practically, the situation cannot occur, but it helps economists understand the demand and supply for efficient production.
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View this answerWhen the long-run aggregate demand curve intersects with the long-run aggregate supply curve, the economy has reached long-run equilibrium. At the...
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Chapter 11 / Lesson 12What is an Equilibrium? Learn about static and Dynamic Equilibrium. Understand the mechanism of chemical Equilibrium and learn about Equilibrium constant.