Which of the following causes of unemployment is associated with a wage rate above the market equilibrium level?

Suppose the natural unemployment rate is 4 percent and the expected inflation rate is 6 percent. In the figure below, illustrate the long-run Phillips curve

What does the long-run Phillips curve reveal abut the long-run tradeoff between inflation and unemployment?

Buying at a low price in one market and reselling at a higher price in another market will

A) not generate any profit because of transactions costs. B) not generate any profit because of transportation costs. C) eventually eliminate all of the price differences. D) eventually eliminate most, but not necessarily all, of the price differences.