During the onset of the economic shutdown tied to COVID-19, many economists were debating the effects the economic shutdown and subsequent policy efforts would have on future inflation. Explain how each of the following events will affect the short-run Phillips curve. Treat each part as a unique event. (a) A decline in consumer spending in expectation of a slowdown in future economic activity. (b) An increase in expansionary fiscal and monetary policy. (c) A shutdown of global production has made it difficult for producers to maintain production for essential goods, causing production costs to increase.