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A cartel is formed to raise the price of oil and gasoline.Also, at the same time, consumer confidence plummets based on fears of a recession.

A cartel is formed to raise the price of oil and gasoline.Also, at the same time, consumer confidence plummets based on fears of a recession. Please graph expected changes in the aggregate supply and demand model. Use the short run as the time horizon. Show the changes in the curves based on the above scenario as well as list the specific change to price (if any) and output.

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