Which of the following accurately portrays the shape of the long-run Phillips curve?

Question

Quizplus · Accepted Answer

The long-run Phillips curve is vertical because, in the long run, changes in inflation will not affect the unemployment rate, meaning that there is no trade-off between inflation and unemployment. This is because the unemployment rate in the long run is determined by non-monetary factors such as demographics, technology, and institutions.

Which of the Following Accurately Portrays the Shape of the Long-Run