PL3 PL2 Expected inflation rate PL₁ Actual inflation rate Unemployment rate Natural Rate of Unemployment A LRAS B YFE 2. Draw the short-run and long-run Phillips curve. Label points A, B, and C based on the changes in AD Price 3. Shifts in Level movements along the A= B= C= C AD1 SRAS AD2 AD2 2% RGDP 7% 3% 5% Topic 5.2- The Phillips Curve 1. Draw the short-run and long-run Phillips curve given the following values. PL LRAS Ple SRAS AD₁ rGD caus

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