The supply of paintings by Van Gogh is most likely to be _____
A)relatively elastic because supply is limited.
B)relatively inelastic because supply is limited.
C)perfectly elastic because the paintings are luxury goods.
D)perfectly inelastic because supply is limited.
E)unit elastic.

Question

Quizplus · Accepted Answer

The supply of paintings by Van Gogh is perfectly inelastic because Van Gogh can no longer produce more paintings; the supply is fixed and cannot be changed regardless of changes in price.

The Supply of Paintings by Van Gogh Is Most Likely