The reason why the long-run supply curve for a purely competitive industry may be upward-sloping is because of diminishing marginal returns.

Name: The reason why the long-run supply curve for a purely competitive industry may be upward-sloping is because of diminishing marginal returns.
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The long-run supply curve for a purely competitive industry may be upward-sloping due to increasing costs as the industry expands, not because of diminishing marginal returns, which is a short-run concept.

The Reason Why the Long-Run Supply Curve for a Purely