The slope of the long-run Phillips curve is thought by many economists to be:
A)horizontal.
B)vertical.
C)downward sloping.
D)backward bending.

Question

Quizplus · Accepted Answer

The long-run Phillips curve is thought to be vertical by many economists, indicating that there is no trade-off between inflation and unemployment in the long run. This concept is based on the natural rate of unemployment theory, suggesting that the economy eventually adjusts to any rate of inflation with unemployment returning to its natural rate.

The Slope of the Long-Run Phillips Curve Is Thought by Many