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The Phillips Curve Indicates That When the Labor Market Is

question 51

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The Phillips curve indicates that when the labor market is ________,production costs will ________ and aggregate supply decreases.


Definitions:

Standard Deviation

A statistical measurement that shows how much variation or dispersion exists from the average (mean) value.

Frequency Polygon

A graphical representation of the distribution of numerical data. It is usually a line that connects points representing the frequencies of various categories or intervals of data.

Class Intervals

Ranges of values into which data points are grouped for frequency distribution analysis.

Histogram

A type of bar chart used in statistics to represent the distribution of data by showing the number of data points that fall within a range of values.

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