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In the Long Run, Which of the Following Will Shift

question 169

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In the long run, which of the following will shift the long-run Phillips curve to the right?


Definitions:

Prototype

An original model or preliminary version of a product from which other forms are developed or copied.

Availability Heuristic

A cognitive bias in which people judge the probability of events based on how easily examples come to mind, often leading to skewed perceptions of reality.

Base-Rate

The underlying or foundational rate of occurrence for a particular event or outcome within a given population or dataset.

Base-Rate Information

The frequency with which an event occurs within a general population.

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