A-LevelEconomicsThe price system and the microeconomy9708/12 · May/June 2011 · Q91 Mark
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?
A1 and 2
B1 and 4
C2 and 3
D3 and 4
✓ Correct answer
B: 1 and 4
Practise more questions on this topic
Oracle Prep sorts past-paper questions by topic, so you can drill The price system and the microeconomy and see which topics are most likely to come up next.
Sign up free →