-Refer to Exhibit 16-1.Milton Friedman would most likely have called the vertical line on which points A and C are located the

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Milton Friedman is known for his work on the Phillips curve, particularly for introducing the concept of the natural rate of unemployment and the expectation-augmented Phillips curve. He argued that in the long run, there is no trade-off between inflation and unemployment, which is represented by a vertical Phillips curve at the natural rate of unemployment. Thus, the vertical line on which points A and C are located would most likely be called the long-run Phillips curve according to Friedman's theories.