Question: What is the difference between how the short-run and long-run Phillips curves are drawn? (A) The short-run Phillips curve is downward sloping, and the long-run

What is the difference between how the short-run and long-run Phillips curves are drawn?

(A) The short-run Phillips curve is downward sloping, and the long-run Phillips curve is upward sloping.

(B) The short-run Phillips curve is upward sloping, and the long-run Phillips curve is vertical.

(C) The short-run Phillips curve is horizontal, and the long-run Phillips curve is upward sloping.

(D) The short-run Phillips curve is downward sloping, and the long-run Phillips curve is vertical.

(E) The short-run Phillips curve is vertical, and the long-run Phillips curve is upward sloping.

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