-Short-Run and Long-Run Supply Curves Are Depicted in Exhibit D-3

Multiple Choice

-Short-run and long-run supply curves are depicted in Exhibit D-3. Which of the following statements is true?

A) Supply curve S₁ is the long-run supply curve.
B) Supply curve S₁ is more elastic than supply curve S₂.
C) Supply curve S₂ is more elastic than supply curve S₃.
D) Supply curve S₃ is the long-run supply curve.
E) Supply curve S₃ is less elastic than supply curve S₂.