Final answer:
Perfectly inelastic and perfectly elastic supply curves explained in economics.
Explanation:
Perfectly inelastic supply describes a situation where the quantity supplied remains constant regardless of price changes. For example, the supply of paintings by deceased artists like Van Gogh or Leonardo da Vinci could be considered perfectly inelastic due to the finite number of their artworks available for sale. On the other hand, a perfectly elastic supply indicates a horizontal supply curve where any quantity can be supplied at a given price.
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