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Suppose that an economy is initially in equilibrium at E1 in the gure to the right. In this case, the unemployment rate 7 the natural

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Suppose that an economy is initially in equilibrium at E1 in the gure to the right. In this case, the unemployment rate 7 the natural rate of unemployment. 125 124 Q @ 122 121 120 Price Level 11 118 7 117 116 11 8 91011121314151617181920 Real GDP per Year ($ trillions)

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