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When artists pass away, the supply of their paintings most likely becomes worthless plentiful elastic inelastic

When artists pass away, the supply of their paintings most likely becomes worthless plentiful elastic inelastic

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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### Economics of Art: Supply and Demand #### Art Supply Dynamics When artists pass away, the supply of their paintings most likely becomes: - **worthless** - **plentiful** - **elastic** - **inelastic** Please select one from the options provided. #### Interactive Test Section - **Prescriptive Test - Active** - Question 39 of a series (32, 33, 34, 35, 36, 37, 38, 39) Options provided for further actions: - *Mark this and return* - *Save and Exit* - *Next* #### Diagram Context There are no graphs or detailed diagrams present in the current display. Please note this interface corresponds to an interactive educational module, likely focusing on the economic principles of supply, demand, and elasticity specifically in the context of the art market. Users are encouraged to engage with the question and select the most appropriate answer from the dropdown menu. **Explanation** When artists pass away, their ability to produce any additional works is obviously halted. Therefore, the supply of their paintings generally becomes **inelastic** because no new additions to the supply can be made, making the existing works potentially more valuable.
Transcribed Image Text:### Economics of Art: Supply and Demand #### Art Supply Dynamics When artists pass away, the supply of their paintings most likely becomes: - **worthless** - **plentiful** - **elastic** - **inelastic** Please select one from the options provided. #### Interactive Test Section - **Prescriptive Test - Active** - Question 39 of a series (32, 33, 34, 35, 36, 37, 38, 39) Options provided for further actions: - *Mark this and return* - *Save and Exit* - *Next* #### Diagram Context There are no graphs or detailed diagrams present in the current display. Please note this interface corresponds to an interactive educational module, likely focusing on the economic principles of supply, demand, and elasticity specifically in the context of the art market. Users are encouraged to engage with the question and select the most appropriate answer from the dropdown menu. **Explanation** When artists pass away, their ability to produce any additional works is obviously halted. Therefore, the supply of their paintings generally becomes **inelastic** because no new additions to the supply can be made, making the existing works potentially more valuable.
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