What does the Long Run Phillips Curve illustrate about the relationship between inflation and unemployment in the long run?

The Long Run Phillips Curve shows that in the long run, there is no trade-off between inflation and unemployment. This means that trying to reduce unemployment by increasing inflation will not work over time. Instead, the economy will adjust, and unemployment will return to its natural rate, which is the level of unemployment that exists when the economy is healthy. For example, if a government tries to lower unemployment by printing more money, it might create short-term jobs, but eventually, inflation rises, and unemployment goes back to where it started. Therefore, in the long run, the curve is vertical, indicating that inflation does not affect the unemployment rate permanently.