The third step in the Keynesian adjustment process included declines in consumer spending lead to further production cutbacks, more lost income, and still less consumption
This refers to the economic theory that affects the total spending in the economy of a nation and how this affects the output and inflation.
With this in mind, we can see that in the third step in the Keynesian adjustment process, there is the decline in consumer spending lead to further production cutbacks, more lost income, and still less consumption
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