PRC-3 · Chapter 11 · Question 24 of 57
An exclusive, historic painting by a deceased master artist goes up for auction. No matter how high the bidding goes, no more paintings can be created. The supply curve for this painting is:
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) Perfectly inelastic
Explanation
Because the physical quantity is fixed at exactly one and cannot be increased regardless of price, the supply is perfectly inelastic (a vertical curve).
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