Figure 13-3 
-Refer to Figure 13-3.Which of the points in the above graph are possible short-run equilibria but not long-run equilibria? Assume that Y1 represents potential GDP.
Definitions:
Natural Rate
A concept referring to the level of economic activity or rate (such as unemployment) that corresponds to the economy's long-term potential or equilibrium state.
Long-run Unemployment
A situation where the unemployment rate persists at a high level for a long period of time, often due to structural changes in the economy.
Bureau of Labor Statistics
A U.S. government agency responsible for collecting and reporting data on employment, labor market activity, working conditions, and price changes.
Average Workweek
The average number of hours worked per week by employees in a specific sector or economy.
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