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MMLU / What is the main difference between the short-run and long-run Phillips curve?

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

What is the main difference between the short-run and long-run Phillips curve?

choices

  1. The short-run Phillips curve is downward sloping and the long-run Phillips curve is upward sloping.
  2. The short-run Phillips curve is upward sloping and the long-run Phillips curve is vertical.
  3. The short-run Phillips curve is horizontal and the long-run Phillips curve is upward sloping.
  4. The short-run Phillips curve is downward sloping and the long-run Phillips curve is vertical.

subject

high_school_macroeconomics

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Source and history

Official source

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