Key concepts that you need to know:
Natural Rate of Unemployment
It is the average rate of unemployment around which the economy fluctuates. Can also be viewed as the rate of unemployment at which the economy gravitates in the long run . At this rate of unemployment there is no tendency for real wage to change as the labour market is in equilibrium (labour demand = labour supply)
Everyone who wants to work has a job. Therefore all unemployment is regarded as voluntary.
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