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The equilibrium level of real GDP is found at the intersection of the aggregate schedule and the equilibrium line.

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Solution 1

The equilibrium level of real GDP (Gross Domestic Product) is determined where the aggregate demand schedule intersects with the aggregate supply schedule. Here's a step-by-step explanation:

  1. Aggregate Demand: This is the total demand for all goods and services in an economy. It is calculated as Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
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