Price Quantity P₁ P₂ 1 2 3 4 L Short Run 1 2 3 4 Long Run X X₁ X₂ X₃ X₄ Xₗ Time since the price change Short run Long run Short run · steep curve 1 · quantity at P₂ = X₁ (small response). Right after a price change, quantity barely moves — demand is least elastic.