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If Jeremy's budget line shifts inward in a parallel manner, what may have happened?
Potential GDP
The maximum possible level of output an economy can achieve when all resources are utilized efficiently, without causing inflation.
Prices
The amount of money required to purchase goods or services, acting as a signal in the market to influence supply and demand.
Natural Level of Employment
The rate of employment where the labor market is in equilibrium, with no cyclical unemployment.
Prolonged Unemployment
Prolonged unemployment refers to an extended period during which an individual remains jobless despite actively seeking employment, often leading to significant economic and psychological consequences.
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