What effects would each of the following events have on either aggregate demand (AD) or aggregate supply (AS), other things being equal? In each case, draw a diagram to show the expected effects on the equilibrium price level and the level of real GDP, assuming that the price level is flexible both upward and downward. In each case, identify and explain the immediate, direct effect on equither AD or AS-not both. Provide a verbal explanation of the scenario from equilibrium is described by two variables!) a. A major increase in spending for health care by the federal government. b. The complete disintegration of OPEC - the oil cartel called the "Organization of Petroleum Exporting Countries," causing oil prices to fall by 50%. c. The Fed lowers the federal funds rate target signaling open market purchases of Treasury bonds. d. Foreign economies boom overseas raising the incomes of foreign households. (Describe what happens in the domestic economy.)