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Figure 13.1
-A space probe returns with a culture of a microorganism found on a distant planet. Analysis shows that it is a carbon-based life-form that has DNA. You grow the cells in 15N medium for several generations and then transfer them to 14N medium. Which pattern in Figure 13.1 would you expect if the DNA was replicated in a conservative manner?
Long-run Equilibrium
A state in an economy or market where all factors of production are fully utilized, and all prices and quantities have adjusted so that aggregate supply equals aggregate demand.
Inflation Expectations
Consumers' and investors' predictions about future inflation rates, which can influence economic decisions and actual inflation through their impact on wages, prices, and interest rates.
Short-run Phillips Curve
A graphical representation showing an inverse relationship between the rate of inflation and the rate of unemployment in an economy over the short-term.
Short-run Phillips Curve
A curve that illustrates an inverse relationship between the rate of inflation and the rate of unemployment for a given period, assuming other factors remain constant.
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