What is the difference between the short-run Phillips curve and the long-run Phillips curve? Use an aggregate supply and demand diagram to explain why there is a difference between them.
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Assume that an economy is initially at a long-run equilibrium. Suppose that there is an unexpected decrease in consumption (C). Use the model of aggregate demand and aggregate supply (using the upward
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Draw the short-run Phillips curve and the long-run Phillips curve. Explain why they are different.
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