In 2006, willem de kooning's abstract painting woman iii sold for $137.5 million. portray this sale in a demand and supply diagram when the quantity is 1.

The demand and supply curve would be perfectly inelastic in case of giving abstract painting.

Further Explanation:

Law of Supply:  

According to the Law of supply, when the price of the goods increases, the quantity supplied of the goods will increase and when the price of the goods decreases, the quantity supplied of goods will decrease. The supply curve is upward sloping since the quantity supplied and prices are directly proportional.

Perfectly inelastic supply:

When the product price does not affect the product supply then the condition is known as perfectly inelastic supply. The relation between the demand and supply of the product is not changed by the price change. The supply curve is mostly perfectly inelastic in case of luxury goods.

Prepare a demand and supply diagram:

The demand for abstract painting is perfectly inelastic. So there will be no effect of price on the supply of the goods. The diagram for the demand and supply of the product can be prepared as follows:

Thus, the demand and supply curve would be perfectly inelastic in case of giving abstract painting.

Learn more:

1.Demand and type of goods

2.Demand and supply of goods

3.Elasticity of demand

Answer details:

Grade: Senior School

Subject: Economics

Chapter: Law of supply

Keywords: 2006, Willem de, Kooning's, abstract, painting, woman, iii sold, for, $137.5, million, portray, this, sale, in, a, demand, and, supply, diagram, when, the quantity, is 1, demand curve, supply curve.

Prepare a demand and supply diagram:

                                                                                  (revenue in millions)

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