Figure 8-5 
Panel (a) shows an economy's aggregate production function, Panel (b) shows the labor market and Panel (c) shows the economy's long-run aggregate supply curve.
-Refer to Figure 8-5. In the long run, any price level is consistent with a real wage of $40,000 because
Definitions:
Demand
The inclination to buy products and services supported by the capability and readiness to spend a specific amount of money.
Increase
To become or make greater in size, amount, intensity, or degree.
Demand Curve
A diagram illustrating the connection between the price of a commodity and the amount of it consumers want over a set period.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing to sell at different prices, typically upward sloping.
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