Multiple Choice
If an increase in the demand for Monet paintings increases their equilibrium price but not the equilibrium quantity, this means that:
A) the price elasticity supply of Monet paintings is perfectly elastic
B) the price elasticity supply of Monet paintings is perfectly inelastic
C) the price elasticity of demand for Monet paintings is perfectly elastic
D) the price elasticity of supply for Monet paintings is perfectly inelastic
Correct Answer:
Verified
Correct Answer:
Verified
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