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Author Question: The supply of paintings by Van Gogh is most likely to be a. of infinite elasticity because supply ... (Read 73 times)

audie

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on: Jul 1, 2018
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 2

If an increase in price from 1.20 to 2 per unit leads to an increase in quantity supplied from 20 to 100 units,
 a. demand is elastic
  b. demand is inelastic
  c. demand is unit elastic
  d. supply is elastic
  e. supply is inelastic


heinisk01

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Reply #1 on: Jul 1, 2018
Answer to Question 1

D

Answer to Question 2

D


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