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Free-Response #1: Suppose members in OPEC (an oil cartel) effectively collude and increase profits by restricting global oil production and increasing the market price of oil. This leads to an adverse supply shock for Denmark and Argentina. Assume both countries were at identical equilibrium levels of price and output before the supply shock. The central bank of Denmark, believing in the power of market corrections, takes no action to stabilize their economy. Observin the cartel's market impact in the short run, Argentina's central bank increases the money supply to immediately return the economy to full employment. a) (3 points) Relative to the initial equilibrium before the supply shock, describe the short-run impact of the cartel's action on prices and output for each country. Use the AD-AS model to illustrate these changes (label all curves and equilibrium points and variables of interest). b) (3 points) Relative to the initial equilibrium before the supply shock, describe the long-run impact of the cartel's action on prices and output for each country after their central bank decisions. Continue using your previous AD-AS diagrams to illustrate these changes. Label and describe any changes. c) (4 points) Comparing the different central bank decisions across Denmark and Argentina, use th prior AD-AS equilibrium results to discuss the strengths and weaknesses of Argentina's stabilization policy compared to Denmark's no-action policy