For the question below, an explanation of the short-run effect (including the determinant of AD or

AS that is causing the shift, the line that shifts [AD or AS], the direction of the shift [left or right], and the

impact on output and price level [increase or decrease]) and submit a properly drawn and labeled

aggregate demand and aggregate supply graph for the scenario.

The price of a barrel of oil, a resource used by manufacturers, skyrockets amid wild speculation on Wall Street.