Choose the statement that correctly describes elasticity of supply for firms over the short run or long run.
Graph on the Left. Graph of a line, on the coordinate plane. The X axis is labeled, Quantity Supplied. The Y axis is labeled, Price. The line, labeled S, rises from left to right with a steep slope. Graph on the Right. Graph of a line, on the coordinate plane. The X axis is labeled, Quantity Supplied. The Y axis is labeled, Price. The line, labeled S, rises from left to right with a gentle slope.