Problems with Wordpress Setup and Duplicate Content

Hello Warrior Forum!

I currently have a blog, lets call it mysite.com/blog

When you get to mysite.com/blog it has my last 6 or 7 blog entries, all on one page.

If you click on "older posts" at the bottom, it will go to the previous 6 or 7 posts before these, and so on and so on all the way back to my first post.

However, if you click on any one individual blog title, it leads to that individual post, and that post has it's own unique url. So for instance, if I wrote about "my favorite cats", it would be www.mysite.com/blog/my-favorite-cats.

But this blog post, My Favorite Cats, will also show up on the main blog page: www.mysite.com/blog

So it's technically showing up on 2 urls at once.

A couple of questions if I may?

1) Is this an issue to Google? Do they account for this/overlook this? Or could they possibly penalize for duplicate content?

2) Should I no follow the main blog page?

3) However, very important... my main blog page, www.mysite.com/blog is indexed, and has a high ranking... so I wouldn't want to get rid of it. Also, hundreds, if not thousands of my individual blog posts are ranking as well, and I no follow them, my blog is done.

Any suggestions / guidance?

My hope is that this is overlooked by Google, not penalized. Thanks!