Final answer:
The price elasticity of supply for sunglasses will become more elastic over time as firms adjust their production capabilities to price changes, moving from a state of inelastic supply to a more responsive and flexible production process.
Step-by-step explanation:
Over time, the price elasticity of supply for sunglasses will become more elastic. This is because, as time passes, firms have more opportunity to adjust their production levels in response to changes in price. Initially, when prices change, there might be an inelastic supply, where a 1 percent increase in price paid to the firm results in less than a 1 percent increase in production, showcasing low responsiveness. However, with time, this responsiveness typically increases as firms adjust and become more flexible in their production capabilities.
An inelastic supply indicates that firms aren't able to quickly alter production in response to price changes. This is in contrast to situations of infinite elasticity or perfect elasticity, where the quantity supplied changes by an infinite amount in response to any price change, depicted as a horizontal supply curve. Over time, suppliers of sunglasses could invest in more efficient production processes, find alternative materials, or make other strategic changes that allow them to be more responsive to price changes, thus making supply more elastic.