The supply of antiques is highly inelastic so increases in demand have a large effect on increases in price.

Question

Quizplus · Accepted Answer

The supply of antiques is generally limited, meaning that it cannot be easily increased in response to a change in demand. As a result, even small increases in demand can cause significant increases in price due to the limited supply. This makes the supply of antiques highly inelastic.

The Supply of Antiques Is Highly Inelastic So Increases in Demand