Figure 13.7 A figure has a positive horizontal axis labelled Unemployment rate (percent) and a positive vertical axis labelled Inflation rate (percent per year). A vertical line labelled Long-run Phillips curve passes through (5.5, 0). A line labelled Short-run Phillips curve falls from left to right, intersecting Long-run Phillips curve at (5.5, 10) and passing through (7.5, 5). Refer to Figure 13.7. Consider the Phillips curves depicted in the graph above. The Bank of Canada announces its intention to decrease inflation from 10 percent to 5 percent per year, and it succeeds. If expectations of inflation are not altered by the Bank of Canada's announcement, the rate of unemployment will be ________ in the short run. Question 59 options: less than 5.5 percent 5.5 percent between 5.5 and 7.5 percent 7.5 percent more than 7.5 percent