In the context of the Phillips Curve, the long-run Phillips Curve is:
A. Downward sloping
B. Vertical at the natural rate of unemployment
C. Horizontal
D. Upward sloping
Answer: Option B
Solution (By JKSSB Mock Tests)
In the long run, the Phillips Curve is vertical at the natural rate of unemployment, indicating no permanent trade-off between inflation and unemployment.
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