Microeconomics 18th Edition by Campbell McConnell, Stanley Brue, Sean Flynn

Exercise 15

In November 1998 Vincent van Gogh's self-portrait sold at auction for $71.5 million. Portray this sale in a demand and supply diagram and comment on the elasticity of supply. Comedian George Carlin once mused, "If a painting can be forged well enough to fool some experts, why is the original so valuable " Provide an answer.