Phillips Curve in the Short & Long Run

Phillips Curve in the Short & Long Run

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What is the difference between the short-run Phillips curve and the long-run Phillips curve? Use an aggregate supply and demand diagram to explain why there is a difference between them.

The price level in the economy between 2012 and 2013 rose from 100 to 105. Between 2013 and 2014, the price level rose from 105 to 110.25. How does the short-run Phillips

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