Which of the following statements are essential features of a 'goods market equilibrium'?
Understand the Problem
The question asks to identify which statement describes an essential feature of a 'goods market equilibrium'. The possible answers include investment being stable, output being equal to aggregate demand, the economy being at full employment, and output being fixed. This is an economics question related to market equilibrium.
Answer
Output is equal to aggregate demand.
The essential feature of a 'goods market equilibrium' is when output is equal to aggregate demand.
Answer for screen readers
The essential feature of a 'goods market equilibrium' is when output is equal to aggregate demand.
More Information
Goods market equilibrium occurs when the total supply of goods equals the total demand for goods in an economy.
Tips
Be careful to distinguish between necessary and sufficient conditions for goods market equilibrium. While factors like stable investment and full employment can influence the equilibrium, they aren't essential requirements.
Sources
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