Examlex
Which of the following is the responsibility of the interviewee?
Long-run Equilibrium
Long-run equilibrium is the condition in which all factors of production and inputs in a market are fully adjusted, prices have stabilized, and there is no tendency for change.
Long-run Phillips Curve
A graphical representation suggesting that in the long run, there is no trade-off between inflation and unemployment, as the economy adjusts to natural levels of employment.
Labor Force
The total number of workers, including both the employed and the unemployed
Expected Inflation
The rate at which general prices of goods and services are anticipated to rise over a specific period.
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