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Yes, you have it correctly. Remember, you are trying to hold level flight with the power at idle. To do that requires that you pull back on the stick and trade your airspeed for altitude. But the more you pull back the stick, the more you increase angle of attack, which will eventually exceed the critical angle of attack and the wing will stall. Airspeed decay while this is happening is a result of increasing AOA but that's not the same as saying that low airspeed causes the stall.
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