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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

According to Friedman, how do we know when the economy is in long-run equilibrium?

To determine

The period in which the economy is in long-run equilibrium.

Explanation

The economy is in long run means that there is no tradeoff between inflation and unemployment. It represented using the downward sloping Phillips curve. The long-run equilibrium depends on the adaptive expec...

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