ECON - CHAPTER 12

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if demand pull inflation occurs when the economy is already at potential GDP, then following the initial increase in aggregate demand, the

SAS curve shifts leftward

along the long-run phillips curve,

actual inflation is equal to expected inflation

the long-run phillips curve shows the relationship between the inflation rate and the unemployment rate when the

actual inflation rate equals the expected inflation rate

demand-pull inflation is an inflation that results from an initial

increase in aggregate demand

the long-run phillips curve is

vertical at the natural unemployment rate


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