Growing concerns regarding the adverse impact of climate change and increasing carbon emission across the world, in the last few years, have given way to a steep incline interest in using electric vehicles. However, many companies are still affected by the global semiconductor chip shortage for the production. Assuming the electronic vehicle market is perfectly competitive, analyze the impacts of these situations on market price and quantity of the electronic vehicles.

Growing concerns regarding the adverse impact of climate change and increasing carbon emission across the world, in the last few years, have given way to a steep incline interest in using electric vehicles. However, many companies are still affected by the global semiconductor chip shortage for the production. Assuming the electronic vehicle market is perfectly competitive, analyze the impacts of these situations on market price and quantity of the electronic vehicles.