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The Phillips curve hypothesis provides support for active stabilization policies. Explain in words and illustrate using a graph of aggregate-demand and aggregate supply.
Vertical
Refers to the integration of multiple stages of production and distribution within the same company.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of that good that buyers are willing to purchase.
Marginal Value
Refers to the additional benefit derived from consuming or producing one more unit of a good or service.
Slopes Downward
Describes a line on a graph that represents a decrease in one variable as another variable increases, typically associated with demand curves.
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