Actual inflation rate Unemployment rate inflation rate Natural Rate of Unemployment Price Level PL3 BL LRAS 2% SRAS 7% 2. Draw the short-run and long-run Phillips curve. Label points A, B, and C based on the changes in AD 3% 5% 1. Draw the short-run and long-run Phillips curve given the following values. PL L'RAS Ple SRKS B= C= AD₁ rGDP 3. Shifts in movements along the A= cause

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