What happens in the long run as people begin to expect a permanantly higher rate of inflation?
Choose 1 answer:
(A) The short-run Phillips curve (SRPC) shifts to the right
(B) The long-run Phillips curve (LRPC) shifts to the left
(C) The long-run Phillips curve (LRPC) shifts to the right
(D) The short-run Phillips curve (SPRC) shifts to the left.
(E) A movement to the right along the short-run Phillips curve (SRPC)
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