The Short-Run Phillips Curve Is ________, While the Long-Run Phillips

question 23

Multiple Choice

The short-run Phillips curve is ________, while the long-run Phillips curve is vertical at the ________.

• A) downward sloping; real wage
• B) downward sloping; natural rate of unemployment
• C) upward sloping; minimum wage
• D) upward sloping; average nominal wage rate
• E) horizontal; origin

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Definitions:

Revenues

The cumulative sum of funds a business accrues from selling products or offering services over a specified duration.

Major Customer

A customer that represents a significant portion of a company's revenue, which if lost, could materially affect the financial health of the business.

Operating Segments

Components of a business that engage in business activities earning revenues and incurring expenses, whose operating results are regularly reviewed by the company's decision maker.

Revenues

The total amount of income generated by the sale of goods or services related to a company's primary operations before any costs or expenses are deducted.