-Consider the Phillips Curve in Figure 12

Multiple Choice

-Consider the Phillips curve in Figure 12.3.At point a,__________;and at point c,__________.

A) the economy is in recession;the economy is booming
B) the economy is in recession;the economy is in recession
C) the economy is in recession;the economy is in its long-run equilibrium
D) the economy is booming;the economy is in recession
E) the economy is in its long-run equilibrium;the economy is in recession