Final answer:
The correct answer for the question is elastic. In economics, when a curve is described as elastic, it means that the quantity demanded or supplied is highly responsive to changes in price.
Step-by-step explanation:
The correct answer for the question is 1) elastic.
In economics, when a curve is described as elastic, it means that the quantity demanded or supplied is highly responsive to changes in price. This is represented by a relatively flat, sloping curve. In this case, since the curve is described as 'elastic,' it indicates that the relationship between points v and x is elastic.