In what way does the long run Phillips curve differ from the short run Phillips curve regarding unemployment and inflation dynamics?

• A. Both curves show a constant unemployment rate.
• B. The long run Phillips curve shows a trade-off between inflation and unemployment, while the short run curve shows a constant unemployment rate.
• C. Both curves show a trade-off between inflation and unemployment.
• D. The long run Phillips curve shows a constant unemployment rate, while the short run curve shows a trade-off between inflation and unemployment.

Answer: (D)