Refer to the Following Figure When Answering the Following Questions

Multiple Choice

Refer to the following figure when answering the following questions.
Figure 12.4: Phillips Curve
-Consider the Phillips curve in Figure 12.4. At point b, the economy is ________, and at point a, the economy is ________.

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