Which of the following is true?
A) The long run supply curve for a competitive increasing-cost industry will be upward sloping.
B) The long run supply curve for a competitive increasing-cost industry will be less elastic than the industry's short run supply curve.
C) The long run supply curve for a competitive increasing-cost industry will be vertical.
D) The long run supply curve for a competitive increasing-cost industry will be downward sloping.
E) The long run supply curve for a competitive increasing-cost industry will be parabolic in shape.
Correct Answer:
Verified
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