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In October 1973, Western nations supported Israel in the Yom Kippur War. In response, members of the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed
In October 1973, Western nations supported Israel in the Yom Kippur War. In response, members of the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an oil embargo. By March 1974, the price of petroleum had risen three-fold. How would this shock be represented in the AD-AS diagram? Question 2 options: a) leftward shift of the AS curve b) rightward shift of the AS curve c) leftward shift of the AD curve d) rightward shift of the AD curve
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