Question

Aggregate supply is best described as the

total output of product.
point of equilibrium.
nation’s gross domestic product.
excess supply in the market.

Answer 1

The answer is the total output of product.
Aggregate supply is the total quantity output firms will produce and sell. It is the total supply of goods and services produced within an economy at a given overall price level in a given period. It depicts the quantity of real GDP that is supplied by the economy at different price levels.