How is the term 'stagflation' best defined?

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A decrease in prices resulting from reduced money supplyA reduction in jobs caused by a drop in manufacturing outputA situation where high inflation occurs alongside high unemployment and steady consumer demandNone of the above

Explanation

Option A refers to price drops due to limited currency circulation. Option B describes job losses from lower production levels. Option C correctly identifies stagflation as the coexistence of high inflation, elevated unemployment, and stable consumer demand. Option D is incorrect.