What Does the Long-Run Phillips Curve Represent

question 64

Multiple Choice

What does the long-run Phillips curve represent?  

• A) It represents the fact that inflation is consistent with many unemployment rates. 
• B) It represents the fact that inflation will NOT influence unemployment in the long run. 
• C) It represents a situation where expected inflation can never equal actual inflation. 
• D) It represents a situation where unemployment occurs in the short run, but NOT in the long run.

Learn how the price elasticity of demand varies with the type and characteristics of goods.

Know the difference in price elasticity between substitutes and complementary goods.

Learn the impact of price changes on the demand for related goods (complements and substitutes).

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