Bringing Oil to the Market Is a Relatively Long and Costly

question 103

Multiple Choice

Bringing oil to the market is a relatively long and costly process.The whole process from exploration to pumping significant amounts of oil can take years.What does this indicate about the price elasticity of supply for oil?

• A)The elasticity coefficient is likely to be very high and supply is inelastic.
• B)The elasticity coefficient is likely to be close to zero and supply is perfectly elastic.
• C)The elasticity coefficient is likely to be low and supply is highly inelastic.
• D)The elasticity coefficient is likely to be low and supply is highly elastic.

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