In an increasing-cost industry the long-run supply curve is upward sloping.

Name: In an increasing-cost industry the long-run supply curve is upward sloping.
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Question

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In an increasing-cost industry, as production increases, the cost of production also increases. This means that firms will require a higher price to cover their costs and earn a profit. Therefore, the long-run supply curve will be upward sloping.

In an Increasing-Cost Industry the Long-Run Supply Curve Is Upward