At the full-employment equilibrium in the labor market

Question

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At the full-employment equilibrium in the labor market, there is neither a shortage nor a surplus of labor, meaning that the number of people seeking employment is equal to the number of job positions available. This does not imply the absence of unemployment or job vacancies, as some level of frictional and structural unemployment is normal, nor does it imply that the money wage rate equals the real wage rate, as these can differ due to inflation or other factors.

At the Full-Employment Equilibrium in the Labor Market