Suppose that the cost of a loaf of bread in Zanadoo is 20 shillings, and this represents a full day's wages for the typical factory worker. The 20 shillings represents a ____ value while the loaf of bread costing a full day's wage represents a ____ value.

The market demand for a good is determined by horizontally summing the demand curves of individual consumers

Indicate whether the statement is true or false

The position of the long-run aggregate supply curve corresponds to the economy's: a. full-employment real GDP

b. maximum possible level of employment. c. natural level of personal consumption expenditure. d. maximum possible level of personal consumption expenditures. e. maximum possible price level.