Which statement is correct? The long-run supply curve for a purely competitive:

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In an increasing-cost industry, the long-run supply curve is upsloping due to the fact that as the industry expands, the cost of production increases, leading to higher prices needed to cover for the increased costs. This is in contrast to a decreasing-cost industry, where expansion leads to lower costs and a downsloping long-run supply curve. The long-run supply curve for a perfectly competitive market would be perfectly elastic, meaning that firms can enter and exit the market without affecting the market price.

Which Statement Is Correct? the Long-Run Supply Curve for a Purely