Choose the statement that correctly describes elasticity of supply for firms over the short or long run.

Question

(1 point)
Responses

over the long run, the elasticity of quantity supplied by firms tends to be more like the graph on the left.
over the long run, the elasticity of quantity supplied by firms tends to be more like the graph on the left.

over the short run, the elasticity of quantity supplied by firms tends to be more like the graph on the left.
over the short run, the elasticity of quantity supplied by firms tends to be more like the graph on the left.

over the short run, the elasticity of quantity supplied by firms tends to be more like the graph on th

Answer 1

It looks like your response options were cut off and do not provide the graphs or additional context needed for a precise answer. However, I can provide general information about elasticity of supply.

• Short Run: The elasticity of supply is generally more inelastic, meaning that firms have less ability to change the quantity they supply in response to price changes, often due to fixed factors of production.

• Long Run: The elasticity of supply tends to be more elastic, as firms can adjust all inputs and have more flexibility to change production levels in response to price changes.

If you could provide the descriptions of the graphs or complete the response options, I'd be happy to help you identify the correct statement.