The long-run Phillips curve shows the relationship between
A. the price level and real GDP in the long run.
B. the price level and unemployment in the long run.
C. inflation and unemployment when expected inflation equals the actual inflation.
D. inflation and unemployment when expected inflation does not change.
Answer:C
The long-run Phillips curve shows the relationship between
A. the price level and real GDP in the long run. B. the price level and unemployment in the long run. C. inflation and unemployment when expected inflation equals the actual inflation. D. inflation and unemployment when expected inflation does not change.