Which of the following is downward-sloping?
A)both the long-run Phillips curve and the long-run aggregate-supply curve
B)neither the long-run Phillips curve nor the long-run aggregate-supply curve
C)the long-run Phillips curve,but not the long-run aggregate-supply curve
D)the short-run Phillips curve,but not the long-run aggregate-supply curve

Question

Quizplus · Accepted Answer

The short-run Phillips curve is downward-sloping, showing an inverse relationship between inflation and unemployment. The long-run Phillips curve is vertical, indicating no trade-off between inflation and unemployment in the long run. The long-run aggregate supply curve is also vertical, reflecting that output is determined by factors other than the price level in the long run.

Which of the Following Is Downward-Sloping