Assume that the world market for crude oil is competitive, with an upward-sloping supply schedule and a downward-sloping demand schedule. Draw a diagram that shows the equilibrium price and quantity....

Assume that the world market for crude oil is competitive, with an upward-sloping supply schedule and a downward-sloping demand schedule. Draw a diagram that shows the equilibrium price and quantity. Now imagine that one of the major oil exporting countries undergoes a revolution that shuts down its oil fields. Draw a new supply schedule and show the loss in consumer surplus in the world oil market resulting from the loss of supply. What assumptions are you making about the demand for crude oil in your measurement of consumer surplus?