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The shape of the Phillips curve involves a tradeoff between unemployment and inflation.
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The shape of the ______________ involves a tradeoff between unemployment and inflation.
A. the aggregate demand curve
B. the aggregate supply curve
C. Phillips curve
D. Keynesian demand curve
Phillips curve, the graph of the economic relationship between the unemployment rate (or rate of change in the unemployment rate) and the rate of change in nominal wages. Named after the economist A. Williams Phillips, he notes that wages tend to rise faster when unemployment is low.
The Phillips curve shows the relationship between inflation and unemployment. In the short term, inflation and unemployment are inversely related. As the number of one increases, the amount of the other decreases.
The underlying problem is that the Phillips curve misinterprets the assumed relationship between unemployment and inflation as causal. In fact, it is changed in aggregate demand that drives changes in both unemployment and inflation. The Phillips curve continues to mislead and mislead policymakers.
Learn more about the Phillips curve here
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