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Questions and Answers
The first element is Kirzner’s view of the entrepreneurial function in a market economy: To bring about ________ in a world of change and uncertainty.
The first element is Kirzner’s view of the entrepreneurial function in a market economy: To bring about ________ in a world of change and uncertainty.
equilibrium
Independent painters may also work as ______, photographers, cinematographers, cartoonists, and illustrators.
Independent painters may also work as ______, photographers, cinematographers, cartoonists, and illustrators.
graphic designers
According to Kirzner, the entrepreneurial role has an ________ influence.
According to Kirzner, the entrepreneurial role has an ________ influence.
equilibrating
Many visual artists are drawn from the high-art world into galleries offering ______ art due to better compensation.
Many visual artists are drawn from the high-art world into galleries offering ______ art due to better compensation.
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Before entrepreneurs act, the notion of __________ prices would be nonsensical.
Before entrepreneurs act, the notion of __________ prices would be nonsensical.
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Competition offers the incentive and pressure which alert entrepreneurs to the opportunities created by errors of over-______ and over-pessimism.
Competition offers the incentive and pressure which alert entrepreneurs to the opportunities created by errors of over-______ and over-pessimism.
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The market for visual arts has transformed rapidly over the ______ century.
The market for visual arts has transformed rapidly over the ______ century.
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Alertness allows entrepreneurs to perceive the presence of opportunities for pure ________.
Alertness allows entrepreneurs to perceive the presence of opportunities for pure ________.
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The demand for high art has shifted, making paintings a profitable avenue for ______.
The demand for high art has shifted, making paintings a profitable avenue for ______.
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Some modern artists challenge the distinction between high art and ______ art.
Some modern artists challenge the distinction between high art and ______ art.
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Kirzner refers to alertness as an attitude of receptiveness to available, but hitherto ________, opportunities.
Kirzner refers to alertness as an attitude of receptiveness to available, but hitherto ________, opportunities.
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Marcel Duchamp’s Fountain, a porcelain urinal, contributed significantly to twentieth century ______.
Marcel Duchamp’s Fountain, a porcelain urinal, contributed significantly to twentieth century ______.
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The simplest instance of entrepreneurial action is when an entrepreneur buys a commodity at price p1 and sells it at price ________, where p2 > p1.
The simplest instance of entrepreneurial action is when an entrepreneur buys a commodity at price p1 and sells it at price ________, where p2 > p1.
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The increase in income and demand has led to a rise in popular or ______ art.
The increase in income and demand has led to a rise in popular or ______ art.
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Entrepreneurial alertness does not apply just to the case of market ________ over a commodity at one point in time.
Entrepreneurial alertness does not apply just to the case of market ________ over a commodity at one point in time.
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The market for high art has adjusted by separating the ______ function from the creative function of the artist.
The market for high art has adjusted by separating the ______ function from the creative function of the artist.
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Contracts for artists seldom included references to the painting's ______ or the number of figures.
Contracts for artists seldom included references to the painting's ______ or the number of figures.
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High contracting costs in the arts contributed to contractual ______ for artists.
High contracting costs in the arts contributed to contractual ______ for artists.
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Artists were not expected to produce the whole ______.
Artists were not expected to produce the whole ______.
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A master painter may employ ______ or two assistants at the beginning of his career.
A master painter may employ ______ or two assistants at the beginning of his career.
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The most popular masters employed up to ______ assistants.
The most popular masters employed up to ______ assistants.
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Tradition and expectations about quality were the only real ______ on a painter's genius.
Tradition and expectations about quality were the only real ______ on a painter's genius.
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If a patron was dissatisfied with the final painting, he could demand that the artist make ______ at his own expense.
If a patron was dissatisfied with the final painting, he could demand that the artist make ______ at his own expense.
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Artists also employed unskilled workers known as ______ to perform menial tasks.
Artists also employed unskilled workers known as ______ to perform menial tasks.
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Kirzner's entrepreneur is alert to resource misallocation while the artistic genius is alert to producing aesthetic ______.
Kirzner's entrepreneur is alert to resource misallocation while the artistic genius is alert to producing aesthetic ______.
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When market conditions favor 'high art,' the artist fulfills both artistic value and profit ______.
When market conditions favor 'high art,' the artist fulfills both artistic value and profit ______.
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Art production requires the combination of labor services and various capital ______.
Art production requires the combination of labor services and various capital ______.
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The faculty to perceive potential aesthetic value in art is referred to as artistic ______.
The faculty to perceive potential aesthetic value in art is referred to as artistic ______.
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Artistic genius realizes aesthetic value just as entrepreneurial alertness realizes pure profits in the market for mundane ______.
Artistic genius realizes aesthetic value just as entrepreneurial alertness realizes pure profits in the market for mundane ______.
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In markets dominated by 'low art,' alertness to artistic value and profit opportunities may belong to distinct ______.
In markets dominated by 'low art,' alertness to artistic value and profit opportunities may belong to distinct ______.
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The paper discusses the relevance of their theory to markets for paintings in Renaissance Italy and contemporary visual ______.
The paper discusses the relevance of their theory to markets for paintings in Renaissance Italy and contemporary visual ______.
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The accepted date of the paper is ______ April 2021.
The accepted date of the paper is ______ April 2021.
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The current price of the commodity is denoted as ______.
The current price of the commodity is denoted as ______.
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The entrepreneur produces the commodity at a marginal cost where mc < ______.
The entrepreneur produces the commodity at a marginal cost where mc < ______.
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When current input prices are favorable, the entrepreneur may create a new ______ that consumers will demand.
When current input prices are favorable, the entrepreneur may create a new ______ that consumers will demand.
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The decline of the ______ system is a significant change in contemporary art.
The decline of the ______ system is a significant change in contemporary art.
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The beneficial effects of markets are measured by realized entrepreneurial ______ and increased consumer surplus.
The beneficial effects of markets are measured by realized entrepreneurial ______ and increased consumer surplus.
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Entrepreneurs must engage in their own creative ______ to succeed in the market.
Entrepreneurs must engage in their own creative ______ to succeed in the market.
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Contemporary visual artists make choices independently, before knowing the identity of the ______.
Contemporary visual artists make choices independently, before knowing the identity of the ______.
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Caves refers to the creative freedom of artists as ‘art for ______’s sake.’
Caves refers to the creative freedom of artists as ‘art for ______’s sake.’
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An effective regime for market operations includes property rights, contractual exchange, and the rule of ______.
An effective regime for market operations includes property rights, contractual exchange, and the rule of ______.
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Galenson identifies forty-nine separate artistic genres introduced during the ______ century.
Galenson identifies forty-nine separate artistic genres introduced during the ______ century.
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Entrepreneurs gain from being alert to ______ opportunities in the market.
Entrepreneurs gain from being alert to ______ opportunities in the market.
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The separation of entrepreneurial and artistic functions has coincided with a period of remarkable ______, technical, and philosophical innovation.
The separation of entrepreneurial and artistic functions has coincided with a period of remarkable ______, technical, and philosophical innovation.
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Real-world entrepreneurial examples include the introduction of ______ and smartphones.
Real-world entrepreneurial examples include the introduction of ______ and smartphones.
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The rise of movements like Impressionism and Cubism faced resistance from the artistic ______.
The rise of movements like Impressionism and Cubism faced resistance from the artistic ______.
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Contemporary art institutions encourage artists to focus on ______ value rather than revenues.
Contemporary art institutions encourage artists to focus on ______ value rather than revenues.
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Artists who fail to meet the expectations of a niche market face unflattering chances of ______.
Artists who fail to meet the expectations of a niche market face unflattering chances of ______.
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Study Notes
The Artist as Entrepreneur
- A theory explaining the supply side of art markets was developed, drawing on Kirzner's concept of alertness to profit opportunities.
- Artistic genius is defined as the ability to perceive aesthetic value in mundane objects.
- An artist functions as both an entrepreneur and a creative genius when art is considered 'high art'.
- Distinct individuals fulfil each function (entrepreneur and artistic genius) when art is considered 'low art'.
Introduction
- Art production combines labor and capital goods by an individual with artistic genius.
- Artistic genius involves the capacity to perceive aesthetic value.
- Aesthetic value is the ability of an artwork to produce specific reactions in viewers.
- Kirzner's entrepreneur seeks profit opportunities, while the artistic genius seeks aesthetic value.
Entrepreneurial Alertness and Artistic Genius
- Kirzner's theory emphasizes entrepreneurship as recognizing profit-generating opportunities in market disequilibria.
- Alertness is the ability to recognize existing opportunities for profit.
- Artistic genius involves subjective expectations regarding the emotional responses of viewers towards an artwork.
Renaissance Art Market
- Patronage played a significant role, with wealthy individuals, churches, and governments commissioning artworks.
- Artists faced competition and were responsible for a range of tasks, from design to production of the artwork.
- The artist's reputation was a crucial factor in securing commissions.
- Contracts were often incomplete, with emphasis on outcome "beauty" rather than specific tasks.
Contemporary Market
- The market for visual arts shows significant changes since the Renaissance.
- Production and reproduction of work has become easier.
- Markets are less centrally orchestrated and influenced by wealthy patrons.
- Institutions like galleries and auction houses play a crucial role in contemporary markets
- The artistic genius is primarily focused on creative value, often disconnected from the market.
Conclusion
- The theory aligns entrepreneurial alertness with artistic genius.
- Understanding how these functions operate separately or jointly in different art markets is crucial.
- This provides a framework for comprehending the dynamics driving art production and appreciation,
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Description
Explore the intersection of art and entrepreneurship through this quiz. Delve into Kirzner's concepts and understand how artistic genius and entrepreneurial alertness shape both high and low art. Test your knowledge on the supply side of art markets and the perception of aesthetic value.
