Explanation:

- Option 1: In the very short period, supply is perfectly inelastic and price is primarily affected by demand conditions since supply cannot change.

- Option 2: Supply curve elasticity does indeed depend on the time period. In the short period, firms have limited ability to adjust supply, while in the long period, adjustments are more flexible.

- Option 3: Both statements (a) and (b) are accurate.

- Option 4: This option incorrectly dismisses the validity of both statements.

Option 3: Both (a) and (b) is the correct choice. .