Consider the following Phillips curve diagram: 
Suppose an expansionary monetary policy has moved the economy from point A to point B.Is point B a long-run equilibrium? If yes, explain why.If no, explain how the economy will get to new long-run equilibrium.
Definitions:
Cognitive Model
A framework in psychology that describes how thoughts, feelings, and behaviors interact and influence each other.
Physical Processes
Physical processes refer to the natural phenomena and mechanisms by which physical changes occur in the universe, including in living organisms.
Cognitive-behavioral Model
A systematic technique in counseling intended to address negative emotions, behaviors, and beliefs through a goal-specific, orderly approach.
Abnormal Behavior
Actions, thoughts, or emotions that deviate significantly from cultural norms or expectations, often leading to distress or impairment in daily functioning.
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