The long-run industry supply curve will be upward-sloping if:
A) input prices are fixed no matter what the level of output.
B) output prices are fixed no matter what the level of output.
C) input prices increase with the level of output.
D) there are no economies or diseconomies of scale.

Question

Quizplus · Accepted Answer

The long-run industry supply curve is upward-sloping if input prices increase with the level of output, as higher production costs lead to higher prices needed to cover these costs.

The Long-Run Industry Supply Curve Will Be Upward-Sloping If