Short-run Phillips curve .
Explanation of Solution
Figure 1 shows the short-run Phillips curve.
In Figure 1, the vertical axis measures the inflation rate and the horizontal axis measures the
Concept introduction:
Philips curve: Short-run Phillips curve shows the inverse relationship between inflation and unemployment. The short-run Phillips curve is a downward sloping curve.
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Chapter 22 Solutions
EBK PRINCIPLES OF MACROECONOMICS
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