If a perfectly competitive industry's long-run supply curve is downward sloping, we can conclude that input prices will:

Question

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In a perfectly competitive industry, if the long-run supply curve is downward sloping, it implies that as the industry expands and produces more output, the costs of inputs or factors of production decrease. This could be due to economies of scale, improvements in technology, or increased efficiency, leading to lower input prices as industry output increases.

If a Perfectly Competitive Industry's Long-Run Supply Curve Is Downward