There are a limited number of original Picasso paintings. This means that the supply of original Picasso paintings is perfectly inelastic.

Question

Quizplus · Accepted Answer

A perfectly inelastic supply means that regardless of the price, the quantity supplied will remain the same. In this case, there is a fixed number of original Picasso paintings, so the supply cannot change regardless of the price. Therefore, the supply of original Picasso paintings is perfectly inelastic.

There Are a Limited Number of Original Picasso Paintings