8. Price elasticities of supply exhibit the following characteristic, within a specific price range, such as a

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8. Price elasticities of supply exhibit the following characteristic, within a specific price range, such as a $2 to $4 price range:

a. Market-day supply elasticity is less than shortrun supply elasticity, which is less than longrun supply elasticity.

b. Market-day supply elasticity is greater than short-run supply elasticity, which is greater than long-run supply elasticity.

c. Market-day supply elasticity is less than shortrun supply elasticity but greater than long-run supply elasticity.

d. Market-day supply elasticity is greater than short-run supply elasticity but less than longrun supply elasticity.

e. Market-day, short-run, and long-run supply elasticities are the same as long as the price range affecting supply is the same.

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