The long-run market supply curve in a perfectly competitive market shows

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The long-run market supply curve in a perfectly competitive market shows the relationship between market price and market quantity. In the long run, all firms can adjust their production levels and input usage, so the market supply curve is determined by the cost structures of all existing firms and potential entrants. As a result, the market quantity supplied at any given price level will be different in the long run compared to the short run, where some firms may be constrained by fixed inputs and cannot respond to price changes. The long-run market supply curve is flatter than the short-run supply curve, indicating that firms have more flexibility to adjust their output levels in response to price changes.

The Long-Run Market Supply Curve in a Perfectly Competitive Market