Final answer:
The overall shape of the supply curve becomes more horizontal as the price elasticity of supply increases, indicating higher responsiveness to price changes and adherence to the law of supply.
Step-by-step explanation:
As the price elasticity of supply becomes more elastic over time, the overall shape of the supply curve becomes more horizontal. This is demonstrated by the concept of infinite elasticity, where the supply curve is a horizontal line indicating that any quantity will be supplied at a specific price. Infinite elasticity implies the quantity supplied is highly responsive to price changes.
The common attribute of supply curves sloping upward from left to right reflects the law of supply: as the price rises, the quantity supplied increases, and as the price falls, the quantity supplied decreases. Therefore, as supply becomes more elastic, the curve flattens, indicating producers are willing to supply more products at the same price due to changes such as improvements in technology or increased availability of resources.