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In the Late 1960s,the Friedman-Phelps "Natural Rate Hypothesis" Predicted from the Microeconomic

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In the late 1960s,the Friedman-Phelps "natural rate hypothesis" predicted from the microeconomic structure of the labor market that the long-run Phillips Curve is ________,while macroeconomic events caused a very ________ acceptance of this change in aggregate supply theory.


Definitions:

Sagittal

Pertaining to or in a plane that divides the body into right and left parts, generally used in anatomical descriptions.

Horizontal

Parallel to the ground or to the bottom edge of a page, creating a left and right orientation.

Hemorrhagic Stroke

A stroke resulting from bleeding from a blood vessel.

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