Question

Which example best represents perfectly inelastic supply? a good with no substitutes in consumption. the market...

Which example best represents perfectly inelastic supply?

a good with no substitutes in consumption.

the market for collectible trading cards.

original paintings made by Leonardo Da Vinci.

a restaurant willing to cater any number of dishes if the price is greater than $10 a plate

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Answer #1

Option C

  • A perfectly inelastic supply refers to the state in which the quantity supplied does not change even when the price changes.
  • Here the original paintings made by Leonardo Da Vinci has a perfectly inelastic supply.
  • This is because even if the firms selling the paintings increase the price, they cannot create any new paintings as they are the original paintings of Leonardo Da Vinci.
  • Hence at any price, the quantity supplied remains the same, and thus the supply of paintings is perfectly inelastic.
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