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Use the same hypothetical scenario introduced in Question 1. The chart below represents the equilibrium in the Aggregate Market in the US before the new

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Use the same hypothetical scenario introduced in Question 1. The chart below represents the equilibrium in the Aggregate Market in the US before the new oil reserve is found. Describe both the short-run and long-run impacts of the new oil reserve on the US economy. Suppose all shocks are unanticipated, and other things are assumed constant.

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Market of All Goods and Services, US Price Index LRAS SRAS, P1 AD Real GDP

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