Perfectly Competitive Equilibrium. Fuel costs have risen sharply during recent years as consumption, refining and production costs have increased. Demand and supply conditions in the perfectly competitive domestic crude oil market are:
where P is price per barrel and Q is quantity in millions of barrels per day .

Question

Perfectly Competitive Equilibrium. Fuel costs have risen sharply during recent years as consumption, refining and production costs have increased. Demand and supply conditions in the perfectly competitive domestic crude oil market are:
  where P is price per barrel and Q is quantity in millions of barrels per day .

Quizplus · Accepted Answer

The Answer of Perfectly Competitive Equilibrium. Fuel costs have risen sharply during recent years as consumption, refining and production costs have increased. Demand and supply conditions in the perfectly competitive domestic crude oil market are:
  where P is price per barrel and Q is quantity in millions of barrels per day .