The figure above shows some Phillips curves for an economy.
-In the figure above, the shift from the short-run Phillips curve SRPC0 and the long-run Phillips curve LRPC0 to the short-run Phillips curve SRPC2 and the long-run Phillips curve LRPC2 is the result of ________ in the expected inflation rate and ________ in the natural unemployment rate.
Definitions:
Operant Conditioning
A learning mechanism characterized by the adaptation of behavior strength through the provision of incentives or deterrents.
Latent Learning
A form of learning that occurs without immediate reinforcement and is not demonstrated until there is motivation to do so.
Observational Learning
Observational Learning is a learning process occurring through watching the actions of others and the outcomes of those actions, not through direct experience.
Operant Conditioning
An educational approach that influences behavior magnitude by issuing rewards or punishments.
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