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How Are the Long-Run Phillips Curve and the Natural Rate

question 34

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How are the long-run Phillips curve and the natural rate of unemployment related?


Definitions:

Potential Employment

Refers to job opportunities that may become available to an individual or within a company, based on current or future planning.

Work on Sunday

The act of performing professional tasks or duties on Sunday, which can vary in acceptance and legality across different cultures and jurisdictions.

Old

Relating to something or someone of advanced age or with a long history.

Married

The legal or formally recognized union of two people as partners in a personal relationship.

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