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The Phillips curve represents the relationship between unemployment and inflation. If the unemployme ...

The Phillips curve represents the relationship between unemployment and inflation. If the unemployment rate in the economy is steady at 4 percent per year, how does the short-run Phillips curve predict that the inflation rate will be changing, if at all? What will happen if the unemployment rate now rises to 7 percent per year? Assume there are no changes to inflation expectations. Provide an appropriate graph to support your discussion. Cite any sources in APA style.

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