The left part of the table describes four situations that might arise in 2020, depending on the
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The left part of the table describes four situations that might arise in 2020, depending on the level of aggregate demand. The right part of the table describes four situations that might arise in 2021. Use the table to work Problems.
Compare the short-run Phillips curve of 2021 with that of 2020.
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In 2020 the shortrun Phillips curve in situation A shows a relatively low unemployment rate 3 with a ...View the full answer
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