Refer to the information provided in Figure 6.4 below to answer the question(s) that follow. 
Figure 6.4
-Refer to Figure 6.4. Billʹs budget constraint is AC. His budget constraint would shift to AD if the price of
Definitions:
Tax Cuts
Reductions in the amount of taxes imposed by a government on individuals or entities, typically aimed at stimulating economic growth or achieving other policy objectives.
Aggregate Demand
Represents the total demand for all goods and services in an economy at various price levels, within a specific time frame.
Stagflation
A contraction, or stagnation, of a nation’s output accompanied by inflation in the price level.
Aggregate Demand
The sum of the need for all products and services in an economy at a certain price level during a specific time frame.
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