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2. The Phillips Curve a. Draw the short-run and long-run Phillips curve. Label three points representing a recessionary gap, an inflationary gap, and full employment

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2. The Phillips Curve a. Draw the short-run and long-run Phillips curve. Label three points representing a recessionary gap, an inflationary gap, and full employment output. Identify what happens to the short-run Phillips curve when there is a change in aggregate demand and when there is a change in aggregate supply(

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