Question

Supply is more responsive to price in the long period compared to short period. Comment.

Answer 1

Yes, in long period, all factors are variable factors, while in the short period, some factors are fixed and some are variable. Accordingly, while in the long period supply can be increased by employing more of all the factors, in the short period supply can be increased by employing more of the variable factors only.
Thus, supply can be increased to a much larger extent in the long period compared to short period. Therefore, it is more responsive to price in the long period compared to the short period.