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Suppose that the world price of oil is roughly $60.00 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 20bb/yr and 14bb/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=abP 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 A. Q=13.800.23P B. Q=47.80P. C. Q=47.80+0.23P D. Q=47.800.23P E. Q=13.8047.80P. The equation for the long - run competitive supply curve is A. Q=12.200.13P. B. Q=12.20+47.80P. C. Q=12.20+0.13P. D. Q=7.80+0.23P. E. Q=7.80+0.13P