Because the economy gravitates toward the natural rate of unemployment in the long run, any given short-run Phillips curve is represented on the long-run Phillips curve.

Question

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The long-run Phillips curve represents the natural rate of unemployment, which is the rate of unemployment that the economy tends to return to in the long run. In the short run, the Phillips curve can deviate from the natural rate of unemployment, but in the long run, it will always return to the natural rate.

Because the Economy Gravitates Toward the Natural Rate of Unemployment