ECS1501 Assignment 3 2025 MEMO – Due 21 July 2025 (Learnlib)

ECS1501 Assignment 3 2025

Question 1 (12 marks)
Maximum word count: 100 words
This question is based on the following cartoon:

(i) What word/words will an economist use to describe the market condition
depicted in the cartoon

Draw a diagram of the market for oil that illustrates the market condition depicted
in the cartoon.(iii) Explain the adjustment process to the new equilibrium position
in the market for oil.