What is the difference between the short-run Phillips curve and the long-run Phillips curve?
a. The long-run Phillips curve is horizontal, indicating that the unemployment rate may change but inflation remains the same, whereas the short-run curve is vertical.
b. The long-run Phillips curve slopes upward, indicating a positive relationship between the unemployment rate and inflation, whereas the short-run curve slopes downward.
c. The long-run Phillips curve is vertical, indicating that the unemployment rate may change but inflation does not, whereas the short-run curve is positively sloped.
d. The long-run Phillips curve is vertical, indicating that inflation may change but the unemployment rate does not, whereas the short-run curve is negatively sloped.
e. The long-run Phillips curve is negatively sloped, indicating an inverse relationship between unemployment and inflation, whereas the short-run curve is vertical.
Question 2
After a binding price floor becomes effective, a
a. smaller quantity of the good is exchanged.
b. a larger quantity of the good is demanded.
c. a smaller quantity of the good is supplied.
d. All of the above are correct.
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