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use your knowledge of microeconomics to establish the facts and analyse the American oil market. Evaluate the economic functioning of the oil market in US,…

use your knowledge of microeconomics to establish the facts and analyse the American oil market. Evaluate the economic functioning of the oil market in US, including demand and supply, incentives, elasticity on demand and supply and any signs of price bubble. Explain possible options for policy intervention to correct market failure and make recommendations to policy makers.

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