Figure 17-7 Inflation rate (percent per year) Long-run Phillips curve 10% 5 Short-run Phillips curve 5.5% 7.5 Unemployment rate (percent) Refer to Figure 17-7. Consider the Phillips curves depicted in the graph above. The Fed 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 Fed's announcement, the rate of unemployment will be in the short run. Select one: O a. between 5.5 and 7.5 percent O b. 5.5 percent O c. less than 5.5 percent O d. 7.5 percent