19.7 Suppose demand for crude oil is given by Q= -2,000P+ 70,000, where Q is the quantity of oil in thousands of barrels per year and P is the dollar price per barrel. Suppose also that there are 1,000 identical small producers of crude oil, each with marginal costs given by MC = q + 5, where q is the output of the typical firm.

a. Assuming each small oil producer acts as a price taker, calculate the market supply curve and the market equilibrium price and quantity.