Because a famous painting is fixed in supply, its price is
A) demand determined.
B) supply determined.
C) inelastic.
D) independently determined.
Correct Answer:
Verified
Q119: Related to the Economics in Practice on
Q155: If the MRP of land is less
Q156: If land becomes more valuable in residential
Q157: If the marginal revenue product of land
Q170: Pure rent is the return to any
Q180: ʺDemand determinedʺ means that price is set
Q185: Shifts in factor demand result from changes
Q189: Because marginal revenue product reflects productivity, increases
Q198: A technological change would cause movement along
Q200: A firm hires labor, capital, and land
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents