An economist is analyzing four different economies. According to a model where the 'long term' is defined as a period of equilibrium characterized by stable and unchanging levels of output and employment, which economy is currently in its long-term state?

Within an economic model where the 'long term' is defined as a state of equilibrium, this 'long term' refers to any period of sustained economic growth, even if employment levels are fluctuating.

Characteristics of Long-Term Economic Equilibrium

Critique of the 'Long-Term Equilibrium' Definition