Because Picasso's painting Guernica is one-of-a-kind, its price is
A) demand determined.
B) supply determined.
C) inelastic.
D) independently determined.

Name: Because Picasso's painting Guernica is one-of-a-kind, its price is A) demand determined. B) supply determined. C) inelastic. D) independently determined.
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Question

Quizplus · Accepted Answer

The price of a unique artwork like Picasso's Guernica is demand determined because its supply is fixed at one, making the price dependent on the demand from buyers.

Because Picasso's Painting Guernica Is One-Of-A-Kind, Its Price Is