(20 of 20) Study the diagram below. What is the short run unemployment rate if the inflation rate is expected to be 2% but turns out to be 3%? You do not need to include the % sign in your answer. Inflation Rate (%) LR Phillips Curve 3.5 - B C 3 2.5 A 2 3% expected inflation 1.5 E D 1 2% expected inflation 1% expected inflation 0.5 (0,0) 0.5 1 1.5 2 2.5 3 3.5 Unemployment Rate (%) Short-run and Long-run Phillips Curves