Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Chapter 26, Problem 14RQ

What is the shape of the neoclassical long-run Phillips curve? What assumptions do economists make that lead to this shape?

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What is the shape of the neoclassical long-run Phillips curve? What assumptions do economists make that lead to this shape?
Does neoclassical economics view prices and wages as sticky or flexible? Why?
What’s the difference between how a Keynesian economist would sketch an AS curve and a Phillips curve, and how a neoclassical economist would sketch an AS curve and a Phillips curve? How is the shape of the different AS curves linked to the different shape of the Phillips curves?
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