If the long-run industry supply curve in a perfectly competitive market slopes upward, then very likely input prices will ____ as industry output expands.

Name: If the long-run industry supply curve in a perfectly competitive market slopes upward, then very likely input prices will ____ as industry output expands.
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Question

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A long-run industry supply curve that slopes upward indicates increasing costs of production as industry output expands. Therefore, input prices are likely to increase.

If the Long-Run Industry Supply Curve in a Perfectly Competitive