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Have you checked the air intake hose from the air mass metering unit to the throttle body? Had same symptoms on my '88. The hose is not reinforced and deteriorates from heat and oil. Mine would collapse around 2800rpm under throttle and shut the engine down like turning off the key!
The only way I found the problem was to leave the key on and open the hood while the poor engine was wheezing and gasping. Cheapest fix is to put a 2-7/8 reinforced aftermarket hose inside. Volvo part is about $40 this fix is about $8.
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