(Answered) In 1973 the organization of petroleum exporting countries

Engineering

In 1973 the Organization of Petroleum Exporting Countries (OPEC) raised the price of a barrel of oil by 400% and some Arab members placed an oil embargo on countries (i.e. the United States) which supported Israel in the 'Yom Kippur' war against Egypt and Syria. Show in the AS-AD model the impact of this event on a developed oil-importing country and consider the best policy response to stabilise the economy at a long run equilibrium position.

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