Asked by
karri starling
on Nov 25, 2024
Verified
The supply curve of a one-of-a-kind original painting is
A) relatively elastic.
B) relatively inelastic.
C) perfectly inelastic.
D) perfectly elastic.
Supply Curve
A graphical representation showing the relationship between the price of a good or service and the quantity supplied.
One-of-a-Kind
A unique item or entity, not identical to any other in its characteristics or qualities.
Relatively Inelastic
Describes a situation where the demand for a good or service changes little in response to changes in price, highlighting consumers' relative insensitivity to price fluctuations.
- Discern between the attributes of supply and demand when it comes to price elasticity versus inelasticity.
- Comprehend the effects of fixed and variable resources on market supply and demand.
Verified Answer
KG
Learning Objectives
- Discern between the attributes of supply and demand when it comes to price elasticity versus inelasticity.
- Comprehend the effects of fixed and variable resources on market supply and demand.