"The plunge (of crude oil price) started after Russia rejected a proposal by OPEC to cut its crude oil production by 1.5 million barrels a day. In apparent retaliation, Saudi Arabia cut prices for buyers over the weekend (nbcnews March 10, 2020)"

(b)With the help of an aggregate demand-supply diagram, briefly explain how a sudden crude oil price plunge may affect equilibrium global output in the short run.