Question 24 1 pt To answer the two final questions in the homework assignment you should read the short handout "Is the Phillips Curve a Thing of the Past?" and the Brookings Institution's discussion of the Phillips Curve (the corresponding PDF and URL are in the chapter 12 module on Canvas). Of the following descriptions, which one characterizes the evolution of the Phillips Curve since the mid-1970s most accurately? The underlying relationship between short-run output (or unemployment) and inflation hasn't changed. The change in the shape of the Phillips Curve is driven by more accurate measurement of both inflation and unemployment. O The Phillips Curve has been shifting to the right gradually. The U.S. economy can maintain a stable inflation rate even when short-run output is positive. O The slope of the Phillips Curve has been falling in absolute value. Positive (or negative) short-run output have a diminishing effect on the rate of change of inflation. Tight labor markets are now generating less wage pressure compared to the 1970s and that dampens the effect of short-run output on ATT. O The relationship between A and y has been stable throughout this time period. There has been no noticeable trend in the shape of the Phillips Curve