When the economy is in long-run equilibrium, there will be

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In long-run equilibrium, the economy will still experience frictional and structural unemployment. Frictional unemployment occurs when workers are between jobs or are searching for their first jobs, while structural unemployment happens when there is a mismatch between workers' skills and the jobs available. Cyclical unemployment, related to the ups and downs of the business cycle, is typically absent in long-run equilibrium.

When the Economy Is in Long-Run Equilibrium, There Will Be