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Describe two advantages and two disadvantages of the high-low method of cost estimation.
Stagflation
A situation in which the inflation rate is high, economic growth rate slows, and unemployment remains steadily high.
Price Level
A measure of the average prices of goods and services in an economy at a given time, often used to evaluate inflation or deflation.
Aggregate Output
The total quantity of goods and services produced in an economy at a given overall price level in a given period.
Aggregate Supply
The overall provision of goods and services that businesses in an economic setup aim to sell during a certain period.
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