Refer to the information provided in Table 24.7 below to answer the question(s) that follow.
Table 24.7All Numbers are in $ MillionRefer to Table 24.7. The equilibrium level of aggregate income is $________ million.

The aggregate demand curve identifies the level of aggregate production corresponding to a change in the price level

a. True b. False

A department store buys a wool coat for $120 and sets its retail price at $300 . The coat costs $85 to produce. When the coat doesn't sell, the store marks the price down to $200, then $100, and finally $70 . At $70, Amy buys the coat. What was the coat's true value? Why?