Both Milton Friedman and Edmund Phelps Argued

Multiple Choice

Both Milton Friedman and Edmund Phelps argued:

A) there was no trade-off between inflation and unemployment in the long-run.
B) the Phillips curve represented a menu of policy choices in the long-run.
C) permanently higher inflation was the cost of permanently lower unemployment in the long-run.
D) permanently higher unemployment was the cost of permanently lower inflation in the long-run.