Refer to the Graph Shown

question 74

Multiple Choice

Refer to the graph shown. Which of the graphs correctly depicts the short-run Phillips curve with globalization?

• A)A
• B)B
• C)C

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Definitions:

Income

The money received, especially on a regular basis, for work or through investments.

Marginal Utility

The increased enjoyment or value one gets from the consumption of an extra unit of a good or service.

Marginal Utility

The added satisfaction or usefulness obtained from using one more unit of a product or service.

Total Utility

The total satisfaction or benefit received by consuming a particular quantity of a good or service.