For the next 4 questions, refer to the following abridged article by Zeke Miller, Mike Balsamo, and Josh Boak, which appeared on apnews.com on March 8, 2022. US strikes harder at Putin, banning all Russian oil imports WASHINGTON (AP) Striking harder at Russia's economy, President Joe Biden on Tuesday ordered a ban on Russian oil imports in retaliation for Vladimir Putin's onslaught in Ukraine. The major trade action, responding to the pleas of Ukraine's embattled leader, thrust Scout front as Western nations seek to halt Putin's invasion. Americans will feel pain, too - at the gas pump - Biden acknowledged, declaring. "Defending freedom is going to cost." The imports have been a glaring omission in the massive sanctions put in place on Russia over the invasion. Energy exports have kept a steady stream of cash flowing to Russia despite otherwise severe restrictions on its financial sector. "We will not be part of subsidizing Putin's war," Biden said, calling the new action a powerful blow against Russia's ability to fund the ongoing offensive. In 2021, the U.S. imported roughly 245 million barrels of crude oil and petroleum products from Russia - a one-year increase of 24%, according to the U.S. Energy Information Administration. Preliminary data from the U.S. Energy Department shows imports of Russian crude dropped to zero in the last week in February Gas prices have been rising for weeks due to the conflict and in anticipation of potential sanctions on the Russian energy sector. The average price for a gallon of gasoline in the U.S. hit a record $4.17 Tuesday, rising by 10 cents in one day, and up 55 cents since last week, according to auto club AAA. "President Biden is finally doing what members of Congress have been pushing for all along. Sen John Barrasso, R-Wyo, and a member of party leadership, said Tuesday. "His decision to ban Russian oil is a much-needed step to kill Putin's cash cow." Said Jason Furman, a Harvard professor and former economic adviser to President Barack Obama: "The United States economy can fully handle any of the challenges associated with higher oil prices. But it will bring some challenges. We're going to have higher prices at the pump, and there's no way around that." Question 1 1 pt Use the article above to answer this question. Consider the retail gas station industry, which consists of a large number of small forms (individual gas station franchisees) who all offer essentially identical product soline). What kind of competition best describes the retail gas station market? O Oligopoly O Monopolistic competition Monopoly O Perfect competition None of these Question 2 1 pts Use the article above to answer this question. According to the article, how is the ban on Russian oil affecting the gas station industry? Which curve is shifting and why? Choose the best answer. Supply curve, technology Demand curve, prices of substitutes and complements Demand curve, consumer preferences O Supply curve, cost of inputs Question 3 1 pts Use the article above to answer this question. What effect should we expect the Russian oil ban to have on the equilibrium price and quantity of retail gasoline? Ceas Land Peas O eas L and peast O QRast and peas Qeast and Pias1 D Question 4 1 pts Use the article above to answer this question. Suppose that U.S. consumers switch to electric vehicles, thus reducing demand for retail gasoline. What is the combined effect of both changes? O esambiguous and post O Que tand peas ambiguous O Quas Land Pia ambiguous o Qesambiguous and pas 1 O None of these