-Refer to the above graph.The long-run relationship between the rate of inflation and the unemployment rate is represented by:

Question

Quizplus · Accepted Answer

The long-run relationship between inflation and unemployment is typically represented by the vertical long-run Phillips curve, which is shown by a line connecting points B₁, B₂, B₃, and B₄, indicating that in the long run, there is no trade-off between inflation and unemployment.

-Refer to the Above Graph