Respuesta :
According to the model of the long run phillips curve, in the long-run, the phillips curve is a vertical line.
The Phillips curve is the economic concept which was developed by A. W. Phillips.
He stated that inflation and unemployment have a stable and inverse relationship. The theory of the phillips curve claims that with inflation economic growth is brought, leads to more jobs and less unemployment level.
Phillips curve states that if there is any change in unemployment within an economy it will have a predictable effect on price inflation.
The inverse relationship between unemployment and inflation is shown as a downward sloping and concave curve in which inflation is depicted on the Y-axis and unemployment is depicted on the X-axis.
Increase in the inflation rate decreases unemployment, and vice versa.
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