The fuel pump relay can just die, as can the 25A fuse holder under the hood.
Inspect both, and replace either if it's old- they're relatively cheap. Fuseholder is right behind the battery- it is white and has a red wire going directly from the + clamp to it. They crack and overheat. They're only $3 from Volvo.
The relay is under the right side of your dashboard. It's white, about 1X2 inches, and has a date code on it (usually). PN is 3523608. $20-40 depending on source. Your old one can be opened up and re-soldered inside for free, if you can solder at all.
As for the diagnostic process, you need to see if you've got any spark first. If so, then the distributor is triggering, the ignition computer's working, and the fuel pump *should* get turned on by the ECU (as long as the relay's doing it's thing).
A couple weeks ago, I posted about an 87 that was dying intermittently- turned out to be the 2-pin grey plug under or near the coil. Not seated properly.
Good luck!
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Rob Bareiss, New London CT ::: '87 244DL/M47- 225K, 88 744GLE- 209K, 91 244 183K. Also responsible for the care and feeding of: 88 745GLE, 229K, 88 244GL, 146K, 87 244DL, 235K, 88 245DL, 236K
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