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Natural rate of unemployment

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Explain the meaning of the 'Natural Rate of Unemployment' (a modified version of this concept is Milton Friedman and Edmund Phelps's notion of the Non-Accelerating Inflation Rate of Unemployment (NAIRU); draw a neat diagram of the Natural Rate of Unemployment and explain how this is actually the concept of the Long-Run Aggregate Supply Curve (LRAS).

Reference no: EM133377441

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