Suppose the Economy Had Been Operating Along a Given Short-Run

question 72

Multiple Choice

Suppose the economy had been operating along a given short-run Phillips curve for several years, and then the economy experienced a year of stagflation.How would the year of stagflation be represented?  

• A) as a move upward along the short-run Phillips curve 
• B) as a move downward along the short-run Phillips curve 
• C) as a point above the short-run Phillips curve 
• D) as a point below the short-run Phillips curve

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