Answer :
According to classical theory, national income depends on aggregate supply while Keynes proposed that aggregate demand determined the level of national income.
- In an economy, the total quantity of demand for all finished goods and services is measured as aggregate demand. A measure of aggregate demand is the total amount of money spent on certain goods and services at a particular price level and period.
- Aggregate supply, commonly referred to as total production, is the total amount of goods and services produced within an economy at a specific average price over a specific time period. The aggregate supply curve, which illustrates the connection between price levels and the volume of production that businesses are prepared to produce, serves as its representation. Generally speaking, the price level and total supply have a positive connection.
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