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

Question

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

Quizplus · Accepted Answer

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