Asked by elizabeth odegard on Jun 30, 2024
Verified
The main reason for the high price of antiques is that
A) supply is relatively elastic and demand increases over time.
B) supply is relatively inelastic and demand increases over time.
C) demand is relatively elastic and supply increases over time.
D) demand is relatively inelastic and supply increases over time.
Price of Antiques
The monetary value assigned to antique items, which is often influenced by their rarity, condition, historical significance, and market demand.
Supply
Supply refers to the total amount of a specific good or service that is available to consumers, which can vary based on price, production costs, and other factors.
Demand
The volume of a commodity or service that shoppers are ready and financially able to acquire at assorted price points within a set period.
- Differentiate between supply and demand that are price elastic and those that are price inelastic.
- Recognize the variables that influence the flexibility of supply and demand.
Verified Answer
Learning Objectives
- Differentiate between supply and demand that are price elastic and those that are price inelastic.
- Recognize the variables that influence the flexibility of supply and demand.
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