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?
1 )
1 and 2
1 and 4
3 )
2 and 3
4 )
3 and 4
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