a)What market structure best describes the market for oil? Why?

b)Putin says "the first reason for the fall in prices was the impact of the coronavirus on demand." Let's analyze this effect first. Using a diagram, illustrate and explain what effect the coronavirus had on demand for oil.

c)Putin says "the second reason behind the collapse of prices is ... our partners ... production increase...". Add this to your diagram from part (b) and explain its effect.