Consider the market for electric cars. The Government of Canada announces that consumers who purchase electric cars manufactured after 2020 are entitled to a taxrebate of$5,000. How does this affect the market for electric cars? Explain using a diagram. (c) In 1904, Standard Oil Company controlled 91 percent of American oil production.Standard’s concentration of market power alarmed many politicians and common citi-zens. In 1911, the U.S. Supreme Court ruled that Standard had violated the Sherman Antitrust Act, and ordered the corporation to break up into smaller companies. Be-cause of this, Standard Oil’s market share dropped from 91 percent to 64 percent of oilproduction. How does this affect the market for oil. Explain using a diagram.
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(b) Consider the market for electric cars. The Government of Canada announces that consumers who purchase electric cars manufactured after 2020 are entitled to a taxrebate of$5,000. How does this affect the market for electric cars? Explain using a diagram.
(c) In 1904, Standard Oil Company controlled 91 percent of American oil production.Standard’s concentration of market power alarmed many politicians and common citi-zens. In 1911, the U.S. Supreme Court ruled that Standard had violated the Sherman Antitrust Act, and ordered the corporation to break up into smaller companies. Be-cause of this, Standard Oil’s market share dropped from 91 percent to 64 percent of oilproduction. How does this affect the market for oil. Explain using a diagram.
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