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The process involved in bringing oil to world markets can take years. Substitutes for oilminus−based products...

The process involved in bringing oil to world markets can take years. Substitutes for

oilminus−based

products such as gasoline are limited. As a result

A.the supply of oil is very inelastic and the demand for gasoline is inelastic over short periods of time.

B.

the supply of oil is very elastic and the demand for oil is very elastic over short periods of time.

C.

the supply of oil and the demand for oil shift to the right over short periods of time.

D.

the supply of oil and the demand for oil are both perfectly elastic over short periods of time.

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Answer #1

option A is correct

the supply of oil is very inelastic (supply cannot be changed in the short run) and the demand for gasoline is inelastic over short periods of time. (no substitutes available)

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