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The original Phillips curve implied or assumed that: a. the actual and expected rates of inflation would always be unequal. b. the expected inflation rate
The original Phillips curve implied or assumed that: a. the actual and expected rates of inflation would always be unequal. b. the expected inflation rate is equal to last year's inflation rate. c. a lower rate of unemployment causes a decreasing rate of inflation. d. the markup over labour costs was zero. e. the expected rate of inflation would be zero
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