The lowest unemployment rate that an economy can sustain in the long run without triggering accelerating inflation is known as:

Identify the correct statement(s) related to the natural rate of unemployment: Statement 1: The natural rate of unemployment concept was developed by economists Milton Friedman and Edmund Phelps in the late 1960s. Statement 2: The natural rate of unemployment is the rate at which the number of unemployed workers in the labor market is strictly greater than the number of available jobs.