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-If Input Price Changes Lag Behind Output Price Changes in Both

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  -If input price changes lag behind output price changes in both the long run and the short run what will be the shape of both the short-run and long-run Phillips curve? What consequence does this have for policy making?
-If input price changes lag behind output price changes in both the long run and the short run what will be the shape of both the short-run and long-run Phillips curve? What consequence does this have for policy making?


Definitions:

Illegal Contract

An agreement that is void and unenforceable by law due to its nature of involving activities that are against the law.

Voidable

Describes a legal agreement that could be declared invalid by one of the parties due to certain deficiencies or circumstances.

Illegal

Actions or activities that are expressly prohibited by law and subject to penal consequences.

Court's Use

Refers to the application and implementation of law and legal procedures by a court.

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