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4 October, 17:29

A short-run phillips curve shows an inverse relationship between

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  1. 4 October, 19:45
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    Answer: unemployment rate and the inflation rate.

    Explanation:

    The Phillips curve shows the relationship that exists between inflation and unemployment rates. The short-run Phillips curve looks like an L-shape and it reflects the inverse relationship between the two variables i. e unemployment and inflation.

    As unemployment rates rises, inflation reduces and as unemployment rates reduces, inflation increases. A reduction in the aggregate supply will lead to a rightward shift the short run Phillips Curve.
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