Examlex
Which of the following pairs is mismatched?
Short Run
A period in which at least one input is fixed, limiting the ability of a firm to adjust all of its inputs to change output.
Unemployment
A situation where individuals who are capable of working and are actively seeking work are unable to find employment.
Inflation
A universal hike in costs and decline in the monetary value.
Long-Run Phillips Curve
An economic concept stating that in the long run, there is no trade-off between inflation and unemployment, depicted as a vertical line at the natural rate of unemployment.
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