If the long-run supply curve in a perfectly competitive industry is upward sloping,this is because
A) firms are different.
B) firms are identical.
C) input prices rise as the industry expands.
D) Either A or C.

Question

Quizplus · Accepted Answer

The long-run supply curve in a perfectly competitive industry can be upward sloping due to firms being different (which can lead to differences in costs as output increases) or because input prices rise as the industry expands, increasing the costs of production for all firms.

If the Long-Run Supply Curve in a Perfectly Competitive Industry