Suppose that the US, Russia, and OPEC countries agree to significantly decrease the future supply of their crude oil exports to the world market during this COVID virus crisis.  What should be the major macroeconomic conditions (or change in price level and Real GDP) that the firms and people in several countries should face in the near future?  (Use the AD-AS model and other related theories to support your answer.)

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The aggregate demand and aggregate supply model ADAS refers to a model of macroeconomic which descri... View the full answer