The long-run Phillips curve is_____ at the _____.

Name: The long-run Phillips curve is_____ at the _____.
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Question

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The long-run Phillips curve is vertical at the natural rate of unemployment because in the long run, changes in the inflation rate do not have a permanent effect on the unemployment rate. Therefore, the only way to achieve lower unemployment is to accept higher inflation rates, but this will only be temporary and will not shift the natural rate of unemployment.

The Long-Run Phillips Curve Is_____ at the _____

The Long-Run Phillips Curve Is_ at the _