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3. The slope of the Phillips curve: Draw a graph with a steep Phillips curve anda graph with a gently sloped Phillips curve.(a) Explain how the two economies respond differently to a boom and to aslump.(b) What are some factors that might influence the slope of the Phillipscurve?(c) Do you think the slope of the Phillips curve has changed over time in theU.S. economy? Consider the United States in the 1970s versus today.
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