How do you reconcile the vertical long run Phillips curve with the downward sloping short run Phillips curve? Explain with the help of a diagram.

The Phillips curve is a graphical representation of the relationship between inflation and unemployment in an economy. The traditional Phillips curve shows a negative or inverse relationship between the two variables, suggesting that as unemployment decreases, inflation tends to increase, and vice versa. However, there is a distinction between the short run and long run Phillips curves, which helps reconcile their different shapes and implications.

1. Short Run Phillips Curve (SRPC):
   In the short run, the Phillips curve shows a downward-sloping relationship between inflation and unemployment. This implies that when unemployment is low, there is upward pressure on wages as firms compete for workers, leading to higher inflation. Conversely, when unemployment is high, there is downward pressure on wages, resulting __________ ________ _________ _________ _______ __________ ________.
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