The supply of paintings by Van Gogh is most likely to be
A)of infinite elasticity because supply is limited
B)of high elasticity because supply is limited
C)elastic because the paintings are luxury goods
D)inelastic because supply is limited
E)unit elastic

Question

Quizplus · Accepted Answer

The supply of paintings by Van Gogh is most likely to be inelastic because the supply is limited. Van Gogh's works are unique and there are a limited number of original paintings available in the market, so even if the price increases, the number of paintings that can be produced is limited, and therefore the supply cannot be easily increased. This makes the supply inelastic in response to changes in price.

The Supply of Paintings by Van Gogh Is Most Likely