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Answer :
The supply curve for a Picasso painting is perfectly inelastic. This means that the quantity supplied of a Picasso painting will not change, regardless of changes in its price.
The reason for this is that the supply of a Picasso painting is fixed in the short run, as the painting already exists and cannot be reproduced. Therefore, the price of the painting is determined solely by the intersection of the demand curve and the fixed supply curve.
This is in contrast to a product with a more elastic supply, where changes in price would result in changes in the quantity supplied, as producers can adjust their production levels in response to changes in price.
Understanding the elasticity of supply and demand is important for analyzing market behavior and predicting market outcomes. It can also help firms make strategic decisions regarding pricing, production, and inventory management.
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