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Both Justin and Craig are business majors and live in the same dorm, but Justin's room looks like a Cabela's showroom, with fishing trophies and lures on the wall and pictures of fishing trips across the study desk, while Craig's room features posters of his favorite musical group and stacks of CDs. The difference between the two rooms reflects a difference in ________ between Justin and Craig.
Favorable Supply Shock
An unexpected event that increases the supply of a good or service, leading to a lower price and benefitting consumers.
Natural Rate
The rate of unemployment when the labor market is in equilibrium, reflecting the number of people who are jobless due to the natural turnover in the workforce.
Long-Run Phillips Curve
A concept suggesting that in the long run, there is no trade-off between inflation and unemployment, with the curve being vertical at the natural rate of unemployment.
Unemployment Shifts
Refers to changes in the unemployment rate due to economic fluctuations, policy changes, or other external factors.
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