In reality, the long run supply curve tends to be:

Question

Quizplus · Accepted Answer

The long run supply curve tends to be upward sloping because, over time, costs typically increase as production is expanded. This reflects the fact that in the long run, firms face increasing costs due to factors such as the need to pay higher wages for additional labor, higher prices for raw materials as demand increases, and the potential need for more expensive technology or processes to continue increasing output.

In Reality, the Long Run Supply Curve Tends to Be