1)This is a hypothetical scenario. Suppose, the US finds a new, massive & economically-feasible energy reserve (oil). It is so massive that it would continue to produce oil for decades. In other words, assume the new reserve will be there permanently. The chart below shows the equilibrium of the US Oil Market before the new reserve is found. Describe what happens to this market after the new reserve is found!Assume other things remain constant.

\fMarket of All Goods and Services, US Price Index LRAS SRAS, P1 AD Real GDPMarket of All Goods and Services, US Price Index LRAS SRAS, P1 AD 1 Real GDP