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Question

If input prices adjusted very rapidly to output prices as classical economists argue the Phillips cure would be

A Vertical or nearly vertical Correct Answer Incorrect Answer
B Upward sloping Correct Answer Incorrect Answer
C Downward sloping Correct Answer Incorrect Answer
D Horizontal or nearly horizontal Correct Answer Incorrect Answer
E None of these Correct Answer Incorrect Answer

Solution

If input prices adjusted very rapidly to output prices as classical economists argue the Phillips cure would be vertical or nearly vertical.

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