“The Organization of Petroleum Exporting Countries (OPEC) has decided to increase the global oil price.” Identify if the above situation change/shift the AGGREGATE SUPPLY OR DEMAND CURVES IN THE SHORT TERM, or BOTH.USE AD-AS to ILLUSTRATE(DRAW A GRAPH) and EXPLAIN the impact of situation that change/shift the curve.

/in /by

“The Organization of Petroleum Exporting Countries (OPEC) has decided
to increase the global oil price.”

Identify if the above situation change/shift the AGGREGATE SUPPLY OR
DEMAND CURVES IN THE SHORT TERM, or BOTH.USE AD-AS to ILLUSTRATE(DRAW
A GRAPH) and EXPLAIN the impact of situation that change/shift the
curve.

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