When the current state of the economy is such that Real GDP is equal to Natural Real GDP, the economy is in In this situation, the (actual) unemployment rate is the natural unemployment rate, and there is in the labor market. Q a, long-run equilibrium; equal to; equilibrium b, recessionary: less than; equilibrium c inflationary; less than; a shortage Qd. long-run equilibrium; greater than; equilibrium O e recessionary; greater than; a surplus