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What action should the Fed take if it wants to move from a point on the short-run Phillips curve representing low unemployment and high inflation to a point representing higher unemployment and lower inflation?
Rational Consumers
Individuals who make decisions to maximize their utility or satisfaction based on the information available and their own preferences.
Marginal Utility
The change in total satisfaction or utility that a consumer experiences as a result of consuming one additional unit of a good or service.
Framing Effects
The influence on an individual's decision-making caused by the way information is presented, rather than just the information itself.
Status Quo
The existing state of affairs; in prospect theory, the current situation from which gains and losses are calculated.
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