Question

1. price elasticity of supply in the short run and long run

consider the short - run supply for salt tuna which is illustrated below.
place the orange line (square symbol) on the following graph to show the most likely long - run supply curve for salt tuna. (note: place the points of the line either on i and f or on i and c.)

Explanation:

In economics, the long-run supply curve for a good is more elastic than the short-run supply curve, meaning it is flatter. This is because firms can adjust all inputs (like expanding production facilities) in the long run, so quantity supplied responds more to price changes. To draw the long-run supply curve, we connect points that show a larger quantity change for the same price change compared to the short run, which corresponds to points I and F (this line will be flatter than the short-run supply curve).

Answer:

Draw the long-run supply line connecting points I and F (the line will be flatter than the short-run supply curve, showing greater elasticity of supply in the long run).