Principles of Macroeconomics 7th Edition

Published by South-Western College
ISBN 10: 1-28516-591-8
ISBN 13: 978-1-28516-591-2

Chapter 5 - Elasticity and Its Application - Questions For Review - Page 108: 8

Answer

A Picasso is unique. The painting cannot be completely duplicated and there is nothing similar to his products so they are said to have an elasticity of zero otherwise known as perfectly inelastic because once the art from him is sold there are no copies.

Work Step by Step

Think about whether a product can be duplicated or not. If it can then it is elastic if it cannot then it must be inelastic.
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