Respond to the following:
During the 1973 Arab-Israeli War, Arab members of the Organization of the Petroleum Exporting Countries (OPEC) imposed an oil embargo against the US. The resulting oil shortage triggered a recession that lasted from 1973 to 1975. Since oil is such an important input in all sectors of the economy, the oil shortage shifted the US aggregate supply (AS) curve inward to the left, relative to aggregate demand (AD), causing GDP to fall or stagnate while the price level soared. We now refer to this phenomenon as “stagflation”.
Now that oil prices are dropping, use aggregate demand (AD) and aggregate supply (AS) to explain why this is good for consumers.
What impact does declining oil prices have on inflation?
Is there a downside to low oil prices? Who are the winners and losers in the economy?
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount! Use Discount Code “Newclient” for a 15% Discount!NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.
The post aggregate-demand-and-aggregate-supply-discussion appeared first on Essay Fount.
What Students Are Saying About Us
.......... Customer ID: 12*** | Rating: ⭐⭐⭐⭐⭐"Honestly, I was afraid to send my paper to you, but you proved you are a trustworthy service. My essay was done in less than a day, and I received a brilliant piece. I didn’t even believe it was my essay at first 🙂 Great job, thank you!"
.......... Customer ID: 11***| Rating: ⭐⭐⭐⭐⭐
"This company is the best there is. They saved me so many times, I cannot even keep count. Now I recommend it to all my friends, and none of them have complained about it. The writers here are excellent."
"Order a custom Paper on Similar Assignment at essayfount.com! No Plagiarism! Enjoy 20% Discount!"
