In which of these industries would you expect the least elastic response from suppliers?
A) fast food
B) soft drink
C) road building
D) aircraft
E) Picasso paintings

Question

Quizplus · Accepted Answer

The supply of Picasso paintings is highly inelastic because the total number of paintings that can be supplied is fixed; no more can be created since Picasso is no longer alive. This contrasts with industries like fast food, soft drinks, road building, and aircraft manufacturing, where suppliers can adjust production based on demand.

In Which of These Industries Would You Expect the Least