An upward sloping straight line supply curve shooting from the X axis indicates the:

Elasticity of supply is less than one.

The correct answer is Option (1) → Elasticity of supply is less than one.

Refer Panel (c) in the given diagram below: Supply curve cuts the X-axis (Quantity axis) → The curve starts from a positive quantity even when price is zero, which is what the question refers to as "shooting from the X-axis". 

Panel (a) shows a straight line supply curve. S is a point on the supply curve. It cuts the price-axis at its positive range and as we extend the straight line, it cuts the quantity-axis at M which is at its negative range. The price elasticity of this supply curve at the point S is given by the ratio, Mq0 /Oq0 . For any point S on such a supply curve, we see that Mq0 > Oq0 . The elasticity at any point on such a supply curve, therefore, will be greater than 1.

In panel (c) we consider a straight line supply curve and S is a point on it. It cuts the quantity-axis at M which is at its positive range. Again the price elasticity of this supply curve at the point S is given by the ratio, Mq0 /Oq0 . Now, Mq0 < Oq0 and hence, eS < 1. S can be any point on the supply curve, and therefore at all points on such a supply curve eS < 1.

In panel (b), the supply curve goes through the origin. One can imagine that the point M has coincided with the origin here, i.e., Mq0 has become equal to Oq0 . The price elasticity of this supply curve at the point S is given by the ratio, Oq0 /Oq0 which is equal to 1. At any point on a straight line, supply curve going through the origin price elasticity will be one.