A refinery that converts oil into petrol (gas) is dealing with the conditions below. 1 It is operating at full capacity. 2 Its petrol storage tanks are already full. 3 It has taken delivery of a new fleet of petrol tankers to move its petrol. 4 It takes six months to train new workers so that they are qualified in safety procedures. Which of these conditions would make the supply of petrol relatively price inelastic?
- A1 and 2
- B1 and 4
- C2 and 3
- D3 and 4