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Assume that OPEC starts enforcing oil production quotas and the global supply of oil declines. As a result, energy prices start to increase. This causes

Assume that OPEC starts enforcing oil production quotas and the global supply of oil declines. As a result, energy prices start to increase. This causes the costs of production for U.S. firm to increase. Use the AD-SRAS-LRAS diagram to describe the transition of the macroeconomy from the short-run to the long-run without government intervention.

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