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* After displaying this slide, you might consider giving your students an exercise using the P.C. curve. One possibility would be to ask them to draw a graph of the PC curve, then show what happens to it in the face of an adverse supply shock or an increase in the natural rate of unemployment, giving intuition for each. The intuition for why an increase in the natural rate shifts the PC upward (or rightward) is as follows: At any given value of actual unemployment, an increase in the natural rate implies a decrease in cyclical unemployment, which increases inflation by increasing pressures