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Consider the market for electric vehicles (EVs). Suppose OPEC (Organization of the Petroleum Exporting Countries) publishes in their annual market report that they are expecting

Consider the market for electric vehicles (EVs). Suppose OPEC (Organization of the Petroleum Exporting Countries) publishes in their annual market report that they are expecting a permanent and substantial reduction in the world oil supply in the next 2 years. Assuming the market for electric vehicles (EVs) is perfectly competitive, do the following: 1

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