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Economics (AS & A Level) · Oct / Nov 2023 · Paper 12 · Question 13

9708Demand and supply curves

What is the most likely cause of the continuous increase in prices of famous paintings by now dead artists?

  1. Athe increasing technological ability to copy famous paintings perfectly
  2. Bthe popular view that famous paintings are an appreciating asset
  3. Cthe totally inelastic supply of famous paintings by dead artists
  4. Dthe wish of governments to treat art galleries as merit goods

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Correct answer: B. the popular view that famous paintings are an appreciating asset

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