ECONOMICS
ELASTICITY OF DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A refinery which processes oil into petrol (gas) is faced with the following conditions.1 It is working at full capacity.2 Its petrol storage tanks are full.3 It has received delivery of a new fleet of petrol tankers to transport its petrol.4 It requires six months to train new workers to qualify in safety procedures.Which of the conditions will tend to make the supply of petrol relatively price inelastic?
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1 and 2
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1 and 4
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2 and 3
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3 and 4
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Explanation:
There is 1 question to complete.