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1  The OPEC Oil Shocks of the 1970s was an example of a negative demand shock in the AD-AS model

Economics

The OPEC Oil Shocks of the 1970s was an example of a negative demand shock in the AD-AS model. Please answer True, False or Uncertain and provide an short explanation in words. Your mark will be based on evidence used from the course. I.e. definitions, concepts, models and empirical trends.

   Sammy’s Bakery and Presley’s Sweetshop both sell cupcakes. The market price of one chocolate cupcake is $2.80. Sammy’s is willing to sell a cupcake for as little as $1.95; Presley’s is willing to sell a cupcake for as little as $2.90. How much is the total producer surplus?

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