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Suppose that the world price of oil is roughly $70.00 per barrel and that the world demand and total world supply of oil equal 34 billion barrels per year (bb/yr), with a competitive supply of 20 bb/yr and 14 bb/yr from OPEC. Statistical studies have shown that the long - run price elasticity of demand for oil is - 0.40, and the long - run competitive price elasticity of supply is 0.40. Using this information, derive linear demand and competitive supply curves for oil. Let the demand curve be of the general form Q = a - bP and the competitive supply curve be of the general form Q= c + dP, where a, b, c, and d are constants. The equation for the long - run demand curve is O A. Q = 47.30 - P. O B. Q= 13.30 - 47.30P. O C. Q=47.30 - 0.19P. O D. Q= 13.30 - 0.19P. O E. Q =47.30 +0.19P. The equation for the long - run competitive supply curve is O A. Q= 12.30 - 0.11P. O B. Q =7.70 +0.19P. O C. Q=7.70 +0.11P. O D. Q = 12.30 + 47.30P. O E. Q=12.30 + 0.11P