2. Consider the IS-LM model derived in Exercise 1 and discussed in class. Suppose the economy of Economica is initially at the general equilibrium. This year, Economica's economy is hit by a negative oil price shock, i.c., oil prices in Economica increase dramatically. a) Explain and show graphically how an oil price shock affects the labor, goods, or the asset market b) Explain and show graphically how an oil price shock affects the short-run equilibrium c) Explain and show graphically how an oil price shock affects the general (long-run) equilibrium

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