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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What is the shape of the neoclassical long-run Phillips curve? What assumptions do economists make that lead to this shape?

To determine

Shape of Neoclassical long-run Philips curve.

Explanation

Philips curve shows trade-off between inflation and unemployment. This implies if unemployment is to be decreased, it will lead high inflation.

As in long-run, LRAS curve is vertical in shape, it implies there is no trade-off between inflation and unemployment. As any deviation will not affect both unemployment and inflation...

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