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in 2006, Willem de Kooning's abstract painting Woman III sold for $137.5 million. Portray this sale in a demand and supply diagram and comment on the elasticity of supply. Comedian George Carlin once mused, "If a painting can be forged well enough to fool some experts, why is the original so valuable?"

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9499738

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